News & Public Notices
City maintains AA Standard & Poor’s credit rating
October 22, 2013 -
A Standard & Poor's Rating Agency Research Update issued yesterday confirmed that the City continues to maintain an ‘AA' credit rating with a stable outlook. The rating supports the City's ability to secure funds on the investment market at attractive interest rates and terms.
Standard & Poor's provides further rationale for the rating in its report:
"We believe Kingston also demonstrates fiscal discipline by having prudent debt and liquidity management in conjunction with good budgetary planning. In our view, the city has shown the ability to improve operations by streamlining and reprioritizing resources to stay within its financial parameters."
"The stable outlook reflects our expectations that Kingston's economy will remain stable in the next two years. Furthermore, we expect Kingston's ongoing fiscal management initiatives combined with its flexible infrastructure plan will continue to support its budgetary performance."
"This rating reflects the hard work of City staff, who are committed to responsible fiscal management and remain mindful of budgetary constraints," says Mayor Mark Gerretsen. "Council has asked staff to bring forward the 2014 budget with a 2.5% tax rate, a rate that will allow for continued investment in our infrastructure and programming for residents, while supporting our strategies for growth to ensure continued prosperity and economic sustainability."
"We welcome the annual independent assessment by Standard and Poor's of the City's economic and fiscal circumstances and we are pleased that the rating reflects the value of our financial management strategies," says Chief Administrative Officer Gerard Hunt.
Media contact: For more information contact Cindie Ashton, Communications Officer 613-546-4291, extension 3116. Or call the City of Kingston's media hotline at 613-546-4291, ext 2300.
Connect to your City.