Ontario School Boards Financing Corporation: Rating Report

DBRS Limited (DBRS Morningstar) confirmed the ratings on the Series 2007-A1, 2006-A1, 2005-A1, 2004-A1, 2003-A2, 2002-A2, 2001-A3, and 2000-A1 Pooled Debentures Ownership Interests issued by Ontario School Boards Financing Corporation (OSBFC) at AA (low) with Stable trends. While not guaranteed by the Province of Ontario (Ontario or the Province; rated AA (low) with a Stable trend by DBRS Morningstar), the ratings reflect (1) the strong linkage to the Province as the primary source of school board revenues used to service OSBFC debt, (2) the importance of education as a public policy priority, and (3) the strong oversight and monitoring of school boards by the Ontario Ministry of Education.