I am not sure where the parameters of this discussion are since it has extended far beyond the effects of a credit rating. As it needs to.
There are many factors in Ontario's predicament and the knee jerk blame of McGuinty is short sighted. The McGuinty government inherited a deficit and increasing debt fro Harris: debt and deficit that was entirely ideological and economically unnecessary. With that came a reduced revenue flow and a social fabric badly torn and in need of repair that could only be achieved with money.
At the same time, the Canadian dollar began a rapid rise in value over a four year period from 2004 to 2008 that was, mostly due to Canada's resource exports and directly tracked the spiralling price of oil. Ontario, through quirks in the federal financial system that had not been objected to in the days of Ontario's prosperity, also contributes billions more to the federal treasury than it receives in services. There needs to be a fundamental realignment of the way Canada meets its financial needs. Ontario would be the chief beneficiary of fairness.
With respect to energy, Ontario is now the leading jurisdiction in North America (or close to it) through its Green Energy Act and the Feed-in-Tariff. In that, it is following the highly successful German model that has seen the creation of almost half a million jobs in that country. Five or six years ago in Ontario there were no such jobs. Now there are around ten thousand with billions more investment in the pipeline and the potential for tens of thousands more over the next decade or so. Good jobs, and permanent : not the minimum wage jobs that have so far distinguished the last two recoveries from recessions.
In Germany and Denmark and increasingly in some other countries, "Green Energy," particularly wind power is nor competitive with traditional sources. Cheaper when the externalities are factored in. Health effects and environmental degradation. Also, the subsides for sustainably energy are small compared to the ongoing subsides for fossil fuels - including oil in Canada. Worldwide, those subsides amount to between $350 billion and $550 billion )annuallydepending on what supports are actually considered subsides).
Ontario is on track to become a leader in this economically and environmentally beneficial change.
As an aside, Alberta is also developing substantial wind power BUT it is also building new coal generating facilities and, with the blessing of the federal government, planning a fourfold increase in Oil Sands production - an increase that will further harm Ontario's competitiveness. .