In an announcement that should chill out voices of concern about the City of Guelph's financial outlook, Standards and Poor's (S&P) Global Ratings agency has given our fair city a AA+ rating with a stable outlook for the fourth year in a row.
"This is the fourth year that Guelph’s credit rating has been issued at this level," said Mark Amorosi, Deputy CAO, Corporate Services in a press release. "The reaffirmed AA+ rating not only reflects the City’s positive financial position but is a testament to staff and Council’s continued commitment to making strong financial decisions."
According to the S&P website, a AA rating means the City has a "very strong capacity to meet its financial commitments. It differs from the highest-rated obligors only to a small degree." Guelph's re-confirmed AA+ rating puts the Royal City in line with other Canadian municipalities like Edmonton, Calgary, Brantford and Ottawa; and it keeps us ahead of Canada's three biggest cities: Toronto (AA), Vancouver (AA), and Montreal (A+).
“Having an independent third party perspective of the City’s current financial position is quite important,” said Mayor Cam Guthrie. “This reaffirmed credit rating will continue to help us achieve our goals while looking to further strengthen our financial policies for our citizens and local business community.”