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Rating Action:

Moody's announces the impact of the Province of Ontario's negative outlook on related ratings

20 Apr 2018

Toronto, April 20, 2018 -- Moody's Investors Service has today affirmed the ratings of five government related issuers in the Province of Ontario and changed their outlooks to negative. Concurrently, Moody's has affirmed the ratings of ten regional and local governments located in the Province of Ontario and maintained their outlooks at stable.

These actions follow the change in outlook to negative from stable on the Province of Ontario's (Aa2 negative) issuer and long-term debt ratings of Aa2 on 17 April 2018. For full details, please refer to the Province of Ontario press release (https://www.moodys.com/research/Moodys-changes-outlook-to-negative-on-Ontarios-Aa2-ratings--PR_382318). Today's rating action reflects Moody's assessment of the macroeconomic and funding linkages between the Province of Ontario and its regional and local governments and government-related issuers.

RATINGS RATIONALE

The ratings for the following issuers have been affirmed and the outlooks have been changed to negative. The change reflects the very close linkages between these issuers and the province which would likely result in further downward rating actions in the event the Province of Ontario were to be downgraded in the future:

55 School Board Trust - senior secured debt rating affirmed at Aa2, outlook changed to negative from stable.

Ontario School Boards Financing Corporation - senior unsecured debt rating affirmed at Aa3, outlook changed to negative from stable.

Ontario Infrastructure and Lands Corporation - senior unsecured debt rating affirmed at Aa2, outlook changed to negative from stable.

The Hospital for Sick Children -- senior unsecured debt rating affirmed at Aa2, outlook changed to negative from stable.

Sinai Health System (Canada) -- senior unsecured debt rating affirmed at Aa2, outlook changed to negative from stable.

All local governments in Ontario are rated at or above the rating of the Province of Ontario. Currently, the pressures facing the province, such as the rising debt and interest expense, are not expected to negatively impact these municipalities. It is Moody's opinion that the creditworthiness of these municipalities, including high dependence on own-source revenues, which are insulated from provincial fiscal pressures, strong reserve levels and track record of managing operating pressures, provide these municipalities the ability to withstand a potential downgrade of the province. Moody's affirmed the ratings and stable outlooks of the following ten issuers:

Regional Municipality of Durham -- senior unsecured debt rating affirmed at Aaa, stable.

Regional Municipality of Halton -- senior unsecured debt rating affirmed at Aaa, stable.

City of London -- senior unsecured debt rating affirmed at Aaa, stable.

City of North Bay -- senior unsecured debt rating affirmed at Aa2, stable.

District Municipality of Muskoka -- issuer rating and senior unsecured debt ratings affirmed at Aa2, stable.

City of Ottawa -- senior unsecured debt rating affirmed at Aaa, stable.

Regional Municipality of Peel -- senior unsecured debt rating affirmed at Aaa, stable.

City of Toronto -- senior unsecured debt rating affirmed at Aa1, stable; short-term debt rating affirmed at P-1.

Regional Municipality of Waterloo -- senior unsecured debt rating affirmed at Aaa, stable.

Regional Municipality of York -- senior unsecured debt rating affirmed at Aaa, stable.

WHAT COULD CHANGE THE RATINGS UP/DOWN

For those five government-related issuers whose outlooks were changed to negative, their ratings are likely to follow potential future changes in the rating of the Province of Ontario. For full details of potential factors facing the Province of Ontario, please see the separate press release mentioned above. For the ten regional and local governments whose stable outlooks were maintained, changes in standalone credit strengths could result in ratings changes. Downward pressure could arise from weak financial performance while upward pressure could arise from a decrease in debt burden or increasing liquidity.

The principal methodology used in the ratings of government-related issuers was Government-Related Issuers published in August 2017. The principal methodology used in the ratings of regional and local governments was Regional and Local Governments published in January 2018. Please see the Rating Methodologies page on www.moodys.com for a copy of these methodologies.

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

The ratings have been disclosed to the rated entities or their designated agent(s) and issued with no amendment resulting from that disclosure.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

The below contact information is provided for information purposes only. Please see the ratings tab of the issuer page at www.moodys.com, for each of the ratings covered, Moody's disclosures on the lead rating analyst and the Moody's legal entity that has issued the ratings.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

Michael Yake
VP-Sr Credit Officer/Manager
Sub-Sovereign Group
Moody's Canada Inc.
70 York Street
Suite 1400
Toronto, ON M5J 1S9
Canada
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

David Rubinoff
MD - Sub Sovereigns
Sub-Sovereign Group
JOURNALISTS: 44 20 7772 5456
Client Service: 44 20 7772 5454

Releasing Office:
Moody's Canada Inc.
70 York Street
Suite 1400
Toronto, ON M5J 1S9
Canada
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

No Related Data.
© 2018 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. AND ITS RATINGS AFFILIATES (“MIS”) ARE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MOODY’S PUBLICATIONS MAY INCLUDE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL, FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS AND MOODY’S OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. CREDIT RATINGS AND MOODY’S PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. NEITHER CREDIT RATINGS NOR MOODY’S PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODY’S PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

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To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information.

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Moody’s Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody’s Corporation (“MCO”), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody’s Investors Service, Inc. have, prior to assignment of any rating, agreed to pay to Moody’s Investors Service, Inc. for appraisal and rating services rendered by it fees ranging from $1,500 to approximately $2,500,000. MCO and MIS also maintain policies and procedures to address the independence of MIS’s ratings and rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold ratings from MIS and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading “Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy.”

Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY’S affiliate, Moody’s Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to “wholesale clients” within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY’S that you are, or are accessing the document as a representative of, a “wholesale client” and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to “retail clients” within the meaning of section 761G of the Corporations Act 2001. MOODY’S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors. It would be reckless and inappropriate for retail investors to use MOODY’S credit ratings or publications when making an investment decision. If in doubt you should contact your financial or other professional adviser.

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MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.