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Ontario’s borrowing costs spiked the most in six months Friday as investors wagered the province’s credit rating will be cut after Kathleen Wynne’s Liberals won re- election on a plan that would increase the deficit.

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The extra yield investors demand to hold Ontario’s latest 10-year bond over a Canadian government benchmark note rose 2 basis points at 10:20 a.m. in Toronto, the biggest one day jump since January 10, according to data compiled by Bloomberg. Standard & Poor’s has a negative outlook on the province’s AA- credit rating, a signal it expects a rating change will be lower. Moody’s Investors Service called Wynne’s fiscal plan a credit negative on May 2.

They’re seeing a deteriorating financial balance sheet

“We’re on high alert that S&P will downgrade Ontario,” said Aubrey Basdeo head of Canadian fixed-income in Toronto at BlackRock Inc., the world’s biggest money manager. “She’s front-loading the deficit or the total debt in anticipation future years will benefit from stronger growth. They’re just looking at the raw numbers and they’re seeing a deteriorating financial balance sheet.”