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Standard & Poor's affirms City's 'AA' credit rating

October 16 2019 -

A Standard & Poor's (S&P) Rating Agency Research Update issued late yesterday affirms the City of Kingston's ‘AA' credit rating with a stable outlook.

The Research Update outlines S&P's perspective on the City's healthy cash position, its "steadily" growing economy and assessment base, and strong operating performance.

S&P provides the following comments in its report: "Kingston's improving demographic trends are sustaining its assessment base and revenue growth, helping the city fund its capital expenditures from internally generated sources.  While benefiting from a large and stabilizing public sector presence, Kingston has recently attracted private investment, particularly in its food processing sector, and is slowly diversifying, adding to its economic strength." 

The report also gives credit to the City's financial management strategies, prudent debt and liquidity policies, manageable debt levels and a strong political consensus in setting strategic priorities and approving budgets that are built on realistic assumptions. 

This rating allows the City to continue to secure funds on the investment market at attractive interest rates and terms.

"Standard & Poor's comprehensive review is an important validation of our processes and approach. This consistently high rating helps ensure that our investors and residents maintain confidence in the City's approach to being fiscally responsible," says Desirée Kennedy, the City's Chief Financial Officer.