Overview -- We are revising the outlook to negative from stable on seven government-related entities (GREs) in the Province of Ontario. -- At the same time, we're affirming the 'AA-' issuer credit ratings on the GREs. -- The outlook revision reflects the April 25 outlook revision on the province. Rating Action On May 30, 2012, Standard & Poor's Ratings Services revised its outlook to negative from stable on seven government-related entities (GREs) in the Province of Ontario. The outlook revisions reflect the April 25 outlook revision to negative from stable on the Province of Ontario (see "Province of Ontario Outlook Revised to Negative from Stable on Risks To Fiscal Plan," published April 25, 2012, on RatingsDirect on the Global Credit Portal). At the same time, we are affirming our 'AA-' long-term rating on these entities, as well as the 'AA-' senior unsecured debt rating on ORNGE Issuer Trust. Rationale The following entities, which rely to a great--if not complete--extent on funding through annual grant appropriations from the province, are affected: Durham District School Board, Ontario Infrastructure and Lands Corp., ORNGE, Ottawa Catholic School Board, Simcoe County District School Board, The 55 School Board Trust, and York Region District School Board. We rate these entities on the basis of our GRE methodology, under which they mostly benefit from a "very high" likelihood of support from the provincial government thanks to their "very important" policy role and "very strong" link with the province. Outlook The negative outlook reflects our view that there is at least a one-in-three likelihood that we could lower the long-term ratings one notch within two years. The outlook revision is contingent on the negative outlook assigned to the Province of Ontario on April 25, 2012, given the fact that these entities generally rely overwhelmingly on the province for their revenues. We could lower the ratings on the GREs if we lowered the 'AA-' long-term issuer credit rating on the province. Conversely, we could revise the outlook to stable if we saw that the government's fiscal position was improving in the next one-two years, and remained on course to achieve budgetary balance by fiscal 2018. Related Criteria And Research -- Province of Ontario Outlook Revised to Negative from Stable on Risks To Fiscal Plan, April 25, 2012 -- General Criteria: Rating Government-Related Entities: Methodology And Assumptions, Dec. 9, 2010 Ratings List Ratings Affirmed; CreditWatch/Outlook Action To From Durham District School Board Ottawa Catholic School Board Simcoe County District School Board York Region District School Board ORNGE Issuer Credit Rating AA-/Negative/-- AA-/Stable/-- Ontario Infrastructure and Lands Corp. Issuer Credit Rating AA-/Negative/A-1+ AA-/Stable/A-1+ 55 School Board Trust (The) Senior Secured AA-/Negative AA-/Stable Ratings Affirmed Durham District School Board Senior Unsecured AA- Ontario Infrastructure and Lands Corp. Senior Unsecured AA- Commercial Paper Global scale A-1+ Canada scale A-1(HIGH) Ottawa Catholic School Board Senior Unsecured AA- Simcoe County District School Board Senior Unsecured AA- York Region District School Board Senior Unsecured AA- Ornge Issuer Trust Senior Unsecured AA- Complete ratings information is available to subscribers of RatingsDirect on the Global Credit Portal at www.globalcreditportal.com. All ratings affected by this rating action can be found on Standard & Poor's public Web site at www.standardandpoors.com. Use the Ratings search box located in the left column.