City’s credit rating remains stable at AA+ for a fourth year

Guelph, Ont., August 18, 2016 – Today, S&P Global Ratings (S&P) announced that the City of Guelph’s credit rating is strong and remains at AA+ with stable outlook.

“This is the fourth year that Guelph’s credit rating has been issued at this level,” said Mark Amorosi, Deputy CAO, Corporate Services. “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 S&P, the rating (AA+) reflects Guelph’s “exceptional liquidity, very strong budgetary performance, and very low debt burden.” The stable outlook reflects the expectation that the City’s liquidity position will remain stable and that the tax-supported debt burden will remain manageable over the next two years.

The credit rating highlights S&P’s view that the City demonstrates strong financial management practices demonstrated through the development of its detailed and robust annual budget.

“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.”

Councillor June Hofland, chair of the City’s Corporate Services Committee, adds, “I am very pleased to see the City’s credit rating affirmed at AA+ with stable outlook as it confirms what we have known for a few years; the City has a strong financial foundation that enables us to meet the community’s needs.”

The S&P’s website offers further information about Guelph’s credit rating.

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

From 2013 to 2016 the City of Guelph's credit rating was AA+ with stable outlook. In 2012 it was AA positive and in 2011 it was AA stable.

About S&P Global Ratings

S&P Global Ratings is a leader in independent credit risk research and market intelligence including credit ratings, research, and thought leadership. It has offices in 26 countries and more than 150 years of experience.

For more information

Mark Amorosi
Deputy CAO, Corporate Services
City of Guelph
519-822-1260 extension 2281
mark.amorosi@guelph.ca