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Ontario Financing Authority

An agency of the Province of Ontario that manages the Province's debt and borrowing program

$30.9B

2025–26 Total Borrowed

72.3%

of 2025–26 Borrowing
Program Completed

$41.9B

Cash Reserves for 2024–25

Aa3/AA-
AA/AA-

Credit Ratings

What's New?

September 26, 2025
The Public Accounts of Ontario 2024-25
Financial Data

Ontario's 2025–26 Borrowing Program

A comprehensive overview of the Province's borrowing activities

Total Long-Term Public Borrowing:
$42.8B

As of

Note: Numbers may not add due to rounding.

This pie chart represents Ontario Borrowing Program by Bond Type.

Province of Ontario

Ontario Sustainable Bonds

At the start of 2024, Ontario released its Sustainable Bond Framework ("The Framework") replacing the Province of Ontario's Green Bond Framework developed in 2014.

Learn More
Market Analysis

Financial Insights

Detailed information about Ontario's bonds and liquid reserves

Ontario Bonds

  • Secondary market liquidity with a wide range of offerings provide extensive investment and trading opportunities across the yield curve.
    • Ontario accounted for 67.4 per cent of Canadian provincial bond trading in 2024.
  • Attractive spreads provide opportunities for investors to achieve higher returns.
  • Benchmark Canadian provincial borrower.
  • Primary focus on Canadian dollar borrowing with likely issuance in U.S. dollars and Euro.
Credit Ratings (Long-Term/Short-Term)
Moody's Investors Service Aa3 / P-1
Fitch AA- / F1+
Morningstar DBRS AA / R-1 (high)
S&P Global Ratings AA- / A-1+

Liquid Reserves

  • Ensuring Ontario always has sufficient liquidity to meet its cashflow needs to address any unforeseen economic or public health needs.
  • Ontario cash reserves for 2024–25 averaged $41.9 billion.

Average Unrestricted Liquid Reserve Levels

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Accessible description of chart: Average Unrestricted Liquid Reserve Levels

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Quick Access to Key Pages

Visit the most important areas of our website to learn more about Ontario’s Bonds, announcements from our executives, and the latest Annual Reports.

Bonds Database

Access detailed data on Ontario bond issuances and maturities.

Go to Bond Database

Announcements

Watch the latest video announcements and updates from the OFA’s executives.

OFA Video Update

Annual Reports

View Ontario Financing Authority’s Annual Reports and financial statements.

Read Annual Reports