Mr. Speaker, yes, we were disappointed by Moody's action. On the other hand the House will understand that Moody's had signalled some months ago that it intended to review our foreign pay debt.
The member will also recognize that we are dealing with only 2 per cent of our debt, the extent which is foreign pay and that they confirmed the AAA rating that Canada enjoys on its domestic currency debt.
Furthermore, Moody's clearly recognized that the government had taken very clear action in terms of deficit reduction. I would assure the hon. member and the financial community that we intend to hit our deficit targets.