Oct 16 - Standard & Poor's Ratings Services said today that the Province of Ontario's (AA-/Negative/A-1+) second-quarter fiscal results released yesterday revealed that it remains on track for a balanced budget in fiscal 2017-2018, despite headwinds from a slowing global economy. Standard & Poor's considers these results to be in line with its expectations, and views them as neutral for both the ratings and outlook on the province. In addition, yesterday the province's premier, Dalton McGuinty, announced the prorogation of the provincial legislature and his own resignation. The fiscal update revealed that revenues and expenses together were C$400 million better than forecast in the fiscal 2013 budget. As such, the province is currently on track for a lower-than-expected C$14.4 billion deficit for fiscal 2013. Cumulatively since the fiscal 2012 budget, Ontario has bettered its fiscal projections by C$2.5 billion and, as such, the results achieved to date remain in line with our expectations. The premier's resignation and prorogation of the legislature during a time of heightened global economic risks in our opinion introduce some uncertainty over the province's fiscal targets in the medium term. In our view, increased uncertainty within the context of a minority government may raise the prospect of a delay in Ontario reaching fiscal balance by its fiscal 2018 target. Standard & Poor's will continue to monitor the effects of these developments on the government's efforts to achieve its objectives for labor negotiations and its fiscal targets.