City of Guelph’s AAA financial credit rating reaffirmed by S&P Global Ratings

Read S&P Global Ratings’ report on Guelph’s 2023 credit rating

Guelph, Ont., August 8, 2023 – S&P Global Ratings continues to affirm the City of Guelph’s financial credit rating as AAA with a stable outlook, the agency’s highest possible rating.

“Earning and maintaining the highest possible credit rating is evidence of the City’s sound financial strategies and decision-making,” says Scott Stewart, Chief Administrative Officer for the City. “Our policies, multi-year budgets aligned with Council’s approved strategic plans, and carefully considered fiscal planning have positioned us well. Our strong standing leaves us prepared for the challenges we know lie ahead, including inflation and balancing the renewal of our existing infrastructure while planning and building new infrastructure to support our housing pledge.”

S&P Global Ratings is an independent company that analyses municipalities and corporations around the world, evaluating their capacity to meet financial obligations. S&P’s consideration of Guelph found the City to have a strong local economy due in part to a broad manufacturing sector and a large public sector, including schools, hospitals, the University of Guelph and municipal administration. S&P also cited strong financial management practices, well-defined financial policies and an exceptional liquidity position in their rating rationale.

“Getting top marks, yet again, from a neutral, third-party credit rating organization is a clear indication that we’re on the right track with our prudent financial management,” says Mayor Cam Guthrie. “Our responsible use of tax dollars is serving our community well and our 2024–2027 multi-year budget will continue to guide responsible spending as we strive to meet the goals of the recently approved Future Guelph strategic plan.”

According to S&P’s report, “Guelph’s credit profile also benefits from strong management, as evidenced by generally good political consensus in passing budgets and effective revenue and expenditure planning practices.”

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.

Media contact

Shanna O’Dwyer, Manager, Financial Strategy and Long-Term Planning
City of Guelph
519-822-1260 extension 2300
[email protected]