News Release
October 12, 2021

DBRS Morningstar, an international bond credit rating firm, has confirmed the City of Toronto’s AA credit rating with a stable outlook on the City’s issuer rating and long-term debt for the 19th consecutive year. The confirmation comes on the heels of Moody’s earlier Aa1 credit rating reaffirmation for the City, citing the City’s sound governance, fiscal management, and intergovernmental support as some of the contributing factors.

According to DBRS Morningstar, the City’s large and diversified economy and capacity to raise taxes and present balanced budgets are factors that contributed to the AA rating. DBRS Morningstar noted that while the fiscal and economic outlook may have been challenging, significant government supports (more than $1 billion) and cost mitigation ($559 million) supported balanced operating results before net capital expenditures.

The stable outlook rating reflects DBRS Morninstar’s expectation that the City’s economy will regain momentum and its credit profile will remain resilient to operating pressures.

Toronto’s 2021 operating budget is balanced at $14 billion. It is expected that the City’s fiscal outlook will gradually stabilize as global and local economies continue to reopen.

Maintaining a high-quality credit rating provides access to lower long-term borrowing costs for investments in infrastructure that would benefit all Torontonians.


“The affirmation of the City’s AA credit rating is a positive indication that the City has continued to make sound fiscal decisions despite the unprecedented challenges encountered during the pandemic. Our responsible approach throughout the pandemic has allowed us to protect City services – many which were needed even more in response to COVID-19. This is another sign that our city will come back stronger than ever in the wake of the pandemic and highlights the need to continue our progress getting people vaccinated and reopening our economy.”

– Mayor John Tory

“I am delighted that we have yet again been recognized for our commitment over the years in ensuring that our spending decisions are sustainable and our fiscal management approach is exceptional. We are aware that our actions are essential to ensuring our ability to invest in the services Torontonians rely on.”

– Councillor Gary Crawford (Scarborough Southwest), Chair of the Budget Committee

“The City’s budget priorities are centred on economic recovery, tax affordability, equity, and maintenance of existing service levels. Our ability to maintain a high credit rating through the pandemic continues to be a reflection of our sound financial policies and planning.”

– Heather Taylor, Chief Financial Officer & Treasurer

Toronto is home to more than 2.9 million people whose diversity and experiences make this great city Canada’s leading economic engine and one of the world’s most diverse and livable cities. As the fourth largest city in North America, Toronto is a global leader in technology, finance, film, music, culture and innovation, and consistently places at the top of international rankings due to investments championed by its government, residents and businesses. For more information visit the City’s website or follow us on Twitter, Instagram or Facebook.

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