City of Kingston maintains its AA+ credit rating with a stable outlook for fifth consecutive year 

For the fifth consecutive year, the City of Kingston has received a credit rating of AA+ with a stable outlook from Standard & Poor’s (S&P) Global Ratings.   

S&P Global Ratings is an independent company that assesses municipalities and other public and private corporations around the world, by evaluating their overall financial position, financial management practices, and ability to meet financial obligations. 

“Maintaining the AA+ rating is particularly noteworthy in the current municipal environment of increasing service and infrastructure costs, significant growth-related investment requirements and competing demands on limited financial resources,” says Desiree Kennedy, Chief Financial Officer and City Treasurer.  

The comprehensive review incorporates six rating factors, including the overall institutional framework of municipalities, as well as individual credit profile indicators such as the local economy, the City’s financial management and budgetary performance, and its debt burden.   

The AA+ (stable outlook) rating is the second-highest bond rating assigned by the agency.   

S&P’s report continues to reflect the City’s strong and diversified economy, prudent financial management practices and strong liquidity position.  

“We have not issued new debt since 2022 and have been repaying more principal than we’ve borrowed, reducing debt levels and providing capacity to support future capital investment,” says Kennedy. “This will help mitigate the impact of anticipated borrowing as Kingston continues to address significant growth and infrastructure needs.” 

Kingston has received top grades from S&P Global Ratings for the past several years, including an upgrade from AA (Stable) to AA+ (Stable) in June 2022.