TORONTO — Fitch Ratings downgraded Ontario’s long-term debt rating Friday, highlighting “risks” on the path to the Liberal government’s target of balancing the budget by 2017-18.The rating agency cut its long-term issuer default rating to AA- from AA, saying “difficult actions” will be necessary for the province to achieve its target of eliminating the $12.5-billion deficit.“Budget options are likely to prove more limited given the extent of actions taken to date and use of one-time actions to achieve targets, in Fitch’s opinion,” the agency said.“The downgrade to AA- reflects Fitch’s concern that risks remain to achieving its goals and both debt burden and the accumulated deficit will remain significantly elevated.”Ontario Finance Minister Charles Sousa said the government remains committed to eliminating the deficit by 2017-18, but the Fitch announcement underscores the challenges the province’s economy faces.“Our government has been consistently clear that we must remain focused as our economy emerges from the effects of the great global recession,” Sousa said in a statement.Ontario’s finance minister on Moody’s cutting province’s outlook to negative: ‘The bankers aren’t freaking’Ontario debt rating outlook cut to negative by Moody’s“That’s why we put forward a budget that speaks to strategic investments in economic growth and job creation, while at the same time transforming government by achieving our savings targets and limiting program spending growth to 1.1%.”Fitch also improved Ontario’s ratings outlook to stable from negative.“The province has demonstrated the ability to exert considerable, ongoing expenditure restraint while instituting revenue changes as necessary to achieve its deficit reduction objectives, pointing to the strength of provincial management,” the rating agency said.However, Fitch noted that while near-term budget goals have been exceeded, full fiscal recovery following the global recession “remains several years away.”“Fitch believes that the province will also be challenged in restraining ongoing capital spending to make progress in lowering the high debt burden and accumulated deficit over time,” it said.Even if Ontario meets its goal of balance it will still be left with a large debt burden, Fitch said.Ontario’s auditor general issued a similar warning last week, cautioning that despite Ontario’s work to eliminate its deficit, the province’s rising net debt — the difference between its liabilities and its total assets — could have a number of negative implications for its finances in the future.By 2017-18 the province’s net debt will have soared to $325 billion, more than double the $156.6 billion a decade ago, the report estimated.Auditor general Bonnie Lysyk’s report noted that the government now spends more on debt interest than it does on post-secondary education, and those interest costs are growing.Moody’s credit rating agency changed Ontario’s debt rating in July to negative from stable, citing concerns about the province’s ability to eliminate the deficit as scheduled.Ontario’s opposition parties have long expressed skepticism that the Liberal government will be able to meet its 2017-18 target of balance.
People Email Address Kindred Group has completed its move to new state-of-the-art premises in Stockholm, where the operator expects to hire 250 new employees to consolidate expansion “in the coming years”.The move to the AMF Real Estate in Urban Espace facility (pictured) in the Swedish capital has more than doubled the workspace for Kindred’s 350 employees in the city, from 3,000 to 7,000 square metres. Kindred will take up two floors in the building, with other tenants in the tech cluster including Microsoft, EQT and Netlight.The operator, which has around 1,500 staff members worldwide, anticipates significant growth after having posted a 20.8% year-on-year increase in revenue to £907.6m (€1bn/$1.2bn) in 2018.Kindred, which is listed on the Nasdaq Stockholm Large Cap exchange, also went live in the newly regulated Swedish market at the start of the year, expanding on its links to the country.“It is very exciting to finally move into new premises in the middle of Stockholm where we can continue to grow at a fast pace,” Kindred chief executive Henrik Tjärnström said.“Since the birth of Kindred more than 20 years ago, it has been important for us to create a work environment that reflects our culture and our values.“We are in an expansive phase right now and the new premises will allow us to grow rapidly. Several hundred new employees will be recruited to the Stockholm office in order for Kindred to secure its position as a digital gambling company at the forefront of technology development and sustainability.”In other news, Kindred-owned Unibet has been unveiled as the official betting partner of the Qatar Goodwood horseracing festival – commonly known as ‘Glorious Goodwood’ – in the UK county of Sussex.Unibet has sealed a three-year deal, running through to 2021, with the agreement encompassing exclusive naming rights for the feature races across the week, including the Stewards’ Cup, Golden Mile and Nursery Stakes.The 2019 festival will take place from July 30 to August 3. 10th April 2019 | By contenteditor Subscribe to the iGaming newsletter AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Regions: Europe Nordics Sweden Topics: People Kindred Group has completed its move to new state-of-the-art premises in Stockholm, where the operator expects to hire 250 new employees to consolidate expansion “in the coming years”. Kindred to increase Stockholm workforce following relocation Tags: Online Gambling