TORONTO (Reuters) - Global investors ravaged by rising sovereign risk will find welcome respite in Canada's March 4 federal budget, with controlled leaks and relatively healthy finances making it a refreshingly low-key event for markets.

In stark contrast to the Greek budget tragedy unfolding in Europe, Canada is expected to forecast a deficit of less than three percent of gross domestic product, the lowest of any Group of Seven nation.

And Finance Minister Jim Flaherty and his officials have spent weeks diligently stealing their own thunder, pre-releasing major news like mortgage rule changes and stressing there will be no significant new spending or tax measures.

"It doesn't make for a great exciting story. But, guess what? For investors, boring is beautiful. That's the new beautiful," said Stewart Hall, an economist with HSBC Securities in Toronto.

"Boring is certainly beautiful against the backdrop of what we're seeing in some of the other sovereign names."

A Reuters survey found analysts expect the Conservative government to forecast a deficit of C$45 billion ($43 billion) for 2010-11, down from the record C$56 billion shortfall Ottawa anticipates for the current fiscal year.

Analysts see the deficit shrinking further to C$27.2 billion in 2011-12.

The government said in September it expects Canada's federal debt-to-GDP ratio will rise to 35.5 percent in March 2011 from 29 percent in March 2009. While not a welcome trend for bond investors, it's nowhere near the triple digit debt-to-GDP ratios of Italy and Japan.

The Canadian government now pays less than the US to borrow money for 10 years.