News Release
November 7, 2022

DBRS Morningstar, an international credit rating agency, has reaffirmed the City of Toronto’s AA credit rating with a stable outlook.

In reaffirming the City’s credit rating, DBRS Morningstar acknowledged that the City’s fiscal performance has been largely protected throughout the COVID-19 pandemic because of its extraordinary partnerships with other orders of government while also noting that a forecasted higher debt level will be serviced by a dedicated tax levy known as the City Building Fund.

Last month, S&P Global Ratings reaffirmed the City’s AA credit rating and Moody’s Investors Service reaffirmed the City’s Aa1 credit rating.

These credit ratings reflect the City’s prudent financial management, strong financial support from senior levels of government, and Toronto’s deep and diversified economy – factors that have helped sustain its fiscal performance since the start of the pandemic.

Despite the financial impact of the COVID-19 pandemic, the City continues to provide more than 150 services, many of which are available 24 hours a day, seven days a week. The City’s vast services keep neighbourhoods safe and vibrant, encourage business growth and investments, make Toronto welcoming for residents and visitors, and contribute to social, economic and climate resilience.

Maintaining a high-quality credit rating provides the City with access to lower long-term borrowing costs for community infrastructure investments such as affordable housing, community centres, roads, transit, wastewater and water. This ensures Toronto’s services for residents and businesses remain affordable and sustainable.

The City’s current credit ratings are:

  • DBRS Morningstar – AA (Stable), rating and outlook: 2002 to Present
  • S&P Global Ratings – AA (Positive), rating: 2001 to Present
  • Moody’s Investors Services – Aa1 (Stable), rating and outlook: 2002 to Present


“We have worked to make sure the City’s finances are prudently managed and that is reflected in our continued positive credit ratings. I’m proud of the partnerships we forged with other orders of government during the pandemic to deliver and safeguard important City services and we are working to continue those partnerships. I know that with our continued responsible stewardship, prudent financial management and continued support from our partners, Toronto will emerge from this pandemic stronger than ever before.”

– Mayor John Tory

“This and previous credit ratings demonstrate the continued confidence in Toronto’s economy, the City’s prudent financial management, and our efforts to protect important services that local residents and businesses depend on.”

– 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.

Media Relations