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The latest alarm over Ontario’s debt and deficit isn’t being raised by a political leader but by a debt-rating agency.

Moody’s Investors Service has changed its outlook on the province’s ratings from “stable” to “negative” in the wake of Finance Minister Charles Sousa’s March 28 budget, which featured yet another deficit, this one worth $6.7 billion.

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Moody’s hasn’t downgraded Ontario’s Aa2 credit rating, but has issued a warning, and one that every political leader in this province should take to heart.

The agency warns that the province, if its government continues to spend beyond its means, will be piling up even more debt, and with servicing charges much higher than previously anticipated.

Moody’s further notes that the Sousa budget might not be implemented if the Ontario Liberals aren’t elected on June 7, but warns that whoever succeeds Premier Kathleen Wynne must address the challenge of the province’s growing debt.