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

For the fourth 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.  

“Kingstonians can take confidence in our AA+ (stable outlook) rating and be assured that the City remains financially sound and fiscally responsible,” says Kingston Mayor Bryan Paterson. “In a time of economic uncertainty, with challenges like price volatility, supply chain issues and tariff impacts on many products, this credit rating sends a strong message that Kingston is a resilient community and a smart place to invest and grow.” 

S&P Global Ratings is an independent company that assesses municipalities and other public and private corporations around the world, by evaluating their ability to meet financial obligations. This 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 highlights Kingston’s diversified economy, supported by a large and stable public sector, along with the City’s strong financial management practices and sound governance. The report also makes note of the City’s prudent debt and liquidity policies, its self-imposed debt limit and its comprehensive risk management measures.    

“Maintaining our strong credit rating is welcome news as we continue to manage competing demands on financial resources and the uncertainty of external market pressures,” says Desiree Kennedy, Chief Financial Officer and City Treasurer. “This credit rating provides us with continued access to favorable borrowing terms and reinforces a reputation for sound financial stewardship.” 

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.