Read S&P Global Ratings’ report on Guelph’s 2025 credit rating
Guelph, Ont., August 21, 2025 – For the fourth straight year, 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. Similar to the 2024 findings, the 2025 report highlights a possible decline in the rating going forward.
“Despite municipalities like Guelph facing many financial challenges over the past year, I’m proud that the City has once again secured a remarkable AAA rating,” said Guelph Mayor Cam Guthrie. “This achievement reflects Guelph’s strong financial stewardship and strategic planning, and I’m grateful to City staff for working hard to ensure we effectively manage our debt capacity. Their efforts are pivotal as we focus on critical priorities like housing and infrastructure, paving the way for a resilient and thriving Guelph.”
S&P’s report highlighted strong financial management as a key factor in the rating decision, noting, “over the past few years, the city has enhanced its budgeting processes of which include multi-year budgets, capital prioritization, and strategic borrowing plans.” The report also spotlights the City’s ability to manage expenditures responsibly; this is demonstrated through capital prioritization as undertaken through the 2025 budget confirmation process, with S&P’s updated expectation of lower overall capital spending throughout the next 10 years.
While S&P notes that planned increases to debt levels will put pressure on the credit rating in the future, the City’s continued focus on prioritization, disciplined financial planning, and efforts to secure grant funding are expected to support long-term financial sustainability.
“I am pleased that S&P continued to emphasize Guelph’s strong financial management and liquidity position. The maintenance of the AAA rating will continue to support access to the best possible rates and strong investor interest as we build infrastructure to support housing growth and renew aging assets” stated Shanna O’Dwyer, General Manager, Finance – City Treasurer and Chief Financial Officer.
S&P also noted Guelph’s economic strength and the expectation of continued stability in the local economy in the face of tariffs, attributed to a broad manufacturing sector and a large public sector including hospitals, schools, the University of Guelph and municipal administration.
About S&P Global Ratings
S&P Global Ratings, part of S&P Global Inc. (NYSE: SPGI), is the world’s leading provider of independent credit risk research. We publish more than a million credit ratings on debt issued by sovereign, municipal, corporate, and financial sector entities. With over 1,600 credit analysts in 27 countries, and more than 150 years’ experience of assessing credit risk, we offer a unique combination of global coverage and local insight. Our research and opinions about relative credit risk provide market participants with information that helps to support the growth of transparent, liquid debt markets worldwide.
Media Contact
Kyle Hayward
Communications Officer
City of Guelph
[email protected]