“AA” rating upgraded based on healthy local economy and manageable debt
GUELPH, ON, August 24, 2012 – Standard & Poor’s Ratings Services has reaffirmed Guelph’s current “AA” credit rating, and upgraded the City’s outlook from “stable” to “positive.”
“This Council has implemented several new financial policies,” says Mayor Karen Farbridge. “Our improved credit rating shows they’re paying off.”
Guelph’s low unemployment rate was a key factor in the rating improvement, along with the city’s diversified local economy.
Standard & Poor’s also noted the City’s continuing efforts to manage its debt by focusing on infrastructure renewal and replacement, reducing debt-financed projects, and deferring growth-related projects into future years. The City’s increasing liquid assets and reserves also influenced Standard & Poor’s outlook assessment.
“Guelph is growing and this research shows we’re financially prepared to manage that growth in a way that’s affordable and sustainable,” says Al Horsman Guelph’s Chief Financial Officer.