City maintains 'AA' Standard & Poor's credit rating - City maintains 'AA' Standard & Poor's credit rating
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null City maintains 'AA' Standard & Poor's credit rating
October 18, 2016 -
A Standard & Poor's Rating Agency Research Update issued Friday confirmed that the City of Kingston continues to maintain an ‘AA' credit rating with a stable outlook.
Standard & Poor's provides rationale for the rating in its report, which gives credit to the City's fiscal policies, as well as the experience of senior staff and the commitment of council to exercise effective fiscal discipline: "In our view, Kingston has strong financial management and an experienced senior management team. We believe the city's four-year operating and 15-year capital budgets demonstrate a good level of detail and use realistic and well-documented assumptions. Furthermore, Kingston monitors in-year performance and reports to council quarterly. The city also adheres to prudent debt and related policies, including a self-imposed debt limit."
The report also noted that a weaker Canadian dollar, low oil prices and good weather have all contributed to recent economic growth – and that healthy growth is expected to continue "as business interest in the city remains strong."
The rating will allow the City to continue to secure funds on the investment market at attractive interest rates and terms.
"A Standard & Poor's ‘AA' credit rating is a significant measure of success for us as an organization and validates our approach to being fiscally responsible," says Desirée Kennedy, the City's chief financial officer and city treasurer.
"This continuing endorsement by Standard & Poor's demonstrates to Kingston that its municipal government continues to safeguard the city's economic future by using responsible fiscal strategies as the foundation for achieving the goals set out by Council," says Gerard Hunt, CAO.
About the City of Kingston
The City of Kingston provides municipal services to 125,000 residents living in this visually stunning, historic city, often ranked one of the best places to live in Canada. Kingston is focusing on being smart and livable as it pursues its vision to become Canada's most sustainable city. We focus on environmental responsibility, social equity, economic health and cultural vitality –ensuring that today's decisions don't compromise our future.
Please visit www.CityofKingston.ca and join the conversation on social media.
Media contact: For more information call the strategic communications department at 613-546-4291, ext. 2300.