City’s credit rating remains stable

Guelph, ON, August 27, 2015 – On Tuesday, Standards & Poor’s Rating Services (Standards & Poor’s) announced that the City of Guelph’s credit rating continues to be strong and remains at AA+ with a stable outlook.

“This is the third year that Guelph’s credit rating has been issued at this level,” said Janice Sheehy, general manager, finance and city treasurer. “The reaffirmed AA+ rating reflects the City’s positive financial position.”

According to the Standard & Poor’s Ratings Direct Research Update the rating reflects Guelph’s “very strong economic fundamentals, exceptional liquidity position and low debt burden.”

The credit rating highlights Standard & Poor’s view that Guelph has a very predictable and well-balanced financial framework which demonstrates the City’s strong financial management practices. Those practices include a robust set of financial policies, annual audited statements, transparent, and detailed operating and capital budgets.

Guelph has a strong economy, which—coupled with its management practices—has resulted in a very low level of contingent liabilities, low debt levels and strong liquidity.

“This is great news for our city,” said Mayor Cam Guthrie. “It’s nice to have a third party, with an independent perspective, affirm the city’s commitment to sound financial management. I now look forward to further strengthening our financial policies and making decisions that move us up the rating ladder.”

The Standards & Poor’s website offers further information about changes to Guelph’s credit rating and the Ratings Direct Research Update.

For more information on the City’s budget, visit guelph.ca/budget.

Guelph's credit rating for the past 5 years. 2011 - AA, Stable; 2012 - AA, positive; 2013-2015 - AA+, with stable outlook

About Standards & Poor’s Rating Services

Standard & Poor’s is a leader in independent credit risk research and market intelligence including credit ratings, indices, and investment research. It has offices in 26 countries and more than 150 years of experience.

For more information

Janice Sheehy
General Manager, Finance and City Treasurer
City of Guelph
519-822-1260 extension 2289
janice.sheehy@guelph.ca