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City's Credit Rating Raised To 'AA' With A Stable Outlook

November 7, 2012

The City's credit rating has been upgraded to 'AA' with a stable outlook by Standard & Poor's Rating Agency. The rating demonstrates strength in the City's financial management practices and positions the City to secure funds on the investment market at attractive interest rates.

In upgrading the City's credit rating, Standard and Poor's cited Kingston's relatively stable and resilient economy, strong budgetary flexibility, robust operating balance, and solid liquidity levels. The City's previous credit rating was 'AA-' with a positive outlook.

"Kingston's strong credit rating reflects the successful economic strategy we have in place and our continued growth," said Mayor Mark Gerretsen. "It's a strategy based on responsible fiscal management and strong investments in our people and local economy."

"We are pleased that the City has received this rating from Standard and Poor's," said Chief Administrative Officer Gerard Hunt. "The City's credit rating has steadily improved over the last decade in recognition of our fiscal stewardship. It is another reminder of the importance of economic sustainability."

The stable outlook reflects Standard & Poor's expectations that Kingston's economy will remain relatively stable and resilient, and that budgeting and funding strategies will continue to reflect responsible and sustainable practices.

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Media contact information:
Cindie Ashton, Communications Officer 613-546-4291, extension 3116 (cell 613-329-3462). Or call the City of Kingston's media hotline at 613-546-4291, ext 2300.