Moody’s has downgraded the province of Ontario’s credit rating.

The bond-rating agency announced the downgrade from Aa3 to Aa2 today – citing the province’s $14.5-billion deficit in 2018-2019 and projections that Ontario will continue to post deficits in the coming years.

Moody’s says the combination of increased debt and slow revenue growth – will result in a faster than previously anticipated increase of the province’s debt burden – adding that the province will be subject to greater impact of interest rates increases – which it projects to jump – over the next three to five years.

Finance Minister Vic Fedeli blamed the previous Liberal government for the creating the circumstances that have led to the credit downgrade.

But Moody’s also says that actions taken by the current government to reduce revenue levels – will add to the budgetary pressures facing the province.