You knew this was coming: Ontario credit rating tanks in wake of Wynne election victory

TORONTO -- Moody's credit rating agency changed Ontario's debt rating Wednesday to negative from stable, citing concerns about the province's ability to eliminate a $12.5 billion deficit by 2017-18 as scheduled.

"After several years of weak to moderate economic growth, and higher than previously anticipated deficits projected for the next two years, the province is facing a greater challenge to return to balanced outcomes than previously anticipated," Moody's Investors Service said in a statement.