City maintains 'AA' Standard & Poor's credit rating
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null City maintains 'AA' Standard & Poor's credit rating
October 21, 2015 –
A Standard & Poor's Rating Agency Research Update issued yesterday confirmed that the City of Kingston continues to maintain an ‘AA' credit rating with a stable outlook.
Standard & Poor's provides further rationale for the rating in its report: "The rating on Kingston reflects our view of the city's very strong economy, exceptional liquidity, and strong financial management".
The report referenced the City as having a ‘very predictable and well balanced' institutional framework, lauded the City's increasing emphasis on transparency and open government and gave a nod to City staff: "We assess Kingston's financial management as strong. The city's senior staff is experienced and shows continued commitment to fiscal discipline."
The rating allows the City to continue to secure funds on the investment market at attractive interest rates and terms.
"While we continue to address the need for significant capital investments over the next 15 years, there is an acknowledgment that we are prioritizing and managing resources in order to stay within council-approved financial parameters. The rating process has emphasized the importance of stable, prioritized capital spending and well managed debt," says Desirée Kennedy, the City's treasurer.
"It's gratifying to have our financial management practices validated by this esteemed agency. This rating is an important measure of our success in managing the City's budgetary and financial demands," 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. In 2014, it was named a Top 7 Smart Community by the Intelligent Community Forum. 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 contact Cindie Ashton, communications officer, 613-546-4291, ext. 3116, or call the communications department at 613-546-4291, ext. 2300.