Ratings agencies look at a number of different factors. They look at provincial debt, they look at federal debt and they look at the net debt-to-GDP ratio. I would also point out that the federal government.... Let me point out two more things, please.
The federal government is not responsible for the fiscal decisions made by provinces, but thanks to the significant direct transfers made to provinces and thanks to the significant support we provided to the Canadian economy, the fiscal picture of the provinces is looking much better now than it did when the pandemic first hit.