December 19, 2011 MEDIA RELEASE

FEDELI OUTRAGED BY DEBT RATING DEBACLE

QUEENS PARK Nipissing MPP Vic Fedeli is fuming as Dalton McGuintys reckless spending is now threatening the City of North Bays sparkling credit rating. Last week, Moodys put Ontario on credit watch and downgraded its outlook to negative, citing the softening economic outlook, Ontarios growing debt burden, and the extended timeframe to achieving a balanced budget. On Friday, Moodys also revised North Bays debt rating outlook from Aa1 stable to Aa1 negative, reflecting the negative outlook on the Province of Ontario, as (the City) would likely face a downgrade if the provinces rating were downgraded. This could possibly lead to higher borrowing costs for the City down the road, Fedeli noted. Dalton McGuinty has dragged North Bay into his credit rating quagmire, said Fedeli. Im so proud of the hard work of the Citys staff, Deputy Mayor/Budget Chief Peter Chirico, and the two Councils I presided over when we had five upward bumps of our Moodys rating, Fedeli added. Now, Dalton McGuintys failure to rein in spending and his costly energy experiments threatens to erase all that tremendous effort that was put in. Fedeli repeated his call for a legislated mandatory wage freeze and a 2 % cut in spending across all ministries except for health and education. Dalton McGuinty needs to wake up to the fact that the impact of his spendthrift ways extends far beyond his own government we cant continue on this path. For more information, or to arrange an interview, contact: Clint Thomas Executive Assistant (705) 474-8340 or (416) 710-1752