City's Financial Rating Upgraded To AA-/Positive
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See the City's Annual Report for 2010.
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In July 2011 Standard & Poor's Rating Services raised the City of Kingston's financial rating for the second consecutive year. The City can boast a Standard & Poor's rating of AA- with a positive outlook — a level up from the AA-/stable rating received last year. In addition, the esteemed ratings service views Kingston as having a relatively stable economy with good prospects and healthy liquidity.
In its rating statement, Standard & Poor's indicates that "the City has good long-term economic prospects" and that its advantageous location "makes Kingston an attractive place to set up business." The rating report says that there is potential for Kingston to foster economic growth through knowledge-based industries by leveraging research — particularly life sciences and alternative energy research — at Queen's University and other public and private institutions.
The ratings service shows confidence in the City's financial management and fiscal practices, stating: "We expect operating expenditures to increase as Kingston plans hiring to improve its services. Nevertheless, we expect management to continually manage costs."
"In our opinion, Kingston has reasonably prudent practices that ensure a good degree of transparency and fiscal discipline. The City has a 10-year capital plan and yearly operating plans that management monitors regularly."
Standard & Poor's says the positive outlook rating for reflects an expectation that the rating could improve to the extent that the City does not significantly increase its debt, keeps its after-capital deficit at less than 10 per cent of total revenues and maintains its healthy liquidity and resilient economy.
Citizens can learn more about the City's financial performance in the City's 2010 Annual Report available at right.
