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TORONTO — Bond rating agency Moody’s has downgraded the province of Ontario’s credit rating.

The agency announced the downgrade from Aa3 to Aa2 on Thursday, citing the province’s $14.5-billion deficit in 2018-2019 and projections that it will continue to post deficits in the coming years.

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Moody’s said the combination of increased debt and slow revenue growth will result in a faster than previously anticipated increase of the province’s debt burden.

The agency said the province will be subject to greater impact of interest rates increases, which it projects to jump over the next three to five years.

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Finance Minister Vic Fedeli blamed the previous Liberal government for creating the circumstances that have led to the credit downgrade.

But Moody’s also said that actions taken by the current government to reduce revenue levels will add to the budgetary pressures facing the province.