TORONTO, June 2 (Reuters) - Ratings agency DBRS said on Tuesday it lowered the trend on Ontario's long-term debt rating to 'negative' from 'stable' due partly to the province's move to help bailout automaker General Motors Corp .
The decision by DBRS comes one day after the Canadian province said the cost of bailing out GM will cause it to run a deficit of C$18.5 billion ($17 billion) in the current fiscal year, 31 percent more than it forecast in March.
DBRS said the trend on Ontario's short-term rating remains 'stable.'
($1=$1.08 Canadian)
(Reporting by Frank Pingue; Editing by Jeffrey Hodgson) Keywords: ONTARIO DBRS (frank.pingue@thomsonreuters.com ; +1 416 941-8094; Reuters Messaging: frank.pingue.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
The decision by DBRS comes one day after the Canadian province said the cost of bailing out GM will cause it to run a deficit of C$18.5 billion ($17 billion) in the current fiscal year, 31 percent more than it forecast in March.
DBRS said the trend on Ontario's short-term rating remains 'stable.'
($1=$1.08 Canadian)
(Reporting by Frank Pingue; Editing by Jeffrey Hodgson) Keywords: ONTARIO DBRS (frank.pingue@thomsonreuters.com ; +1 416 941-8094; Reuters Messaging: frank.pingue.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.