News & Public Notices
Standard & Poor's affirms City's 'AA' credit rating
October 26, 2017 -
A Standard & Poor's Rating Agency Research Update issued yesterday confirmed that the City of Kingston's credit rating remains ‘AA' with a stable outlook.
The Research Update confirms Standard & Poor's opinion of the city's healthy cash position, its stable "yet growing" economy and its experienced financial management team. It notes prudent debt and related policies that keep debt accumulation manageable and after-capital deficits controlled.
Standard & Poor's provides further rationale for the rating in its report:
"In our view, Kingston benefits from an experienced senior management team that maintains a good relationship with council members. Transparency and open government remains the focus of the government, which we view as positive. The city produces a four-year operating budget, a one- and 15-year capital budget. We believe the budgets demonstrate good detail, and show realistic and well-documented assumptions."
The rating allows the City to continue to secure funds on the investment market at attractive interest rates and terms.
"Standard & Poor's affirmation of this credit rating confirms for us that we are on the right track. It's an important validation of our processes and approach. This consistently high rating helps ensure that our investors and residents maintain confidence in Kingston's municipal government," says Desirée Kennedy, the City's chief financial officer.
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.
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Media contact: For more information call the strategic communications department at 613-546-4291, ext. 2300.