News Release
October 22, 2021

Today, the City of Toronto announced S&P Global, an international bond credit rating firm, has reaffirmed its AA credit rating and noted its prudent financial management.

S&P is the third international bond credit rating firm to maintain the City of Toronto’s credit rating in the wake of the global COVID-19 pandemic. In August, Moody’s Investors Service reaffirmed the City’s Aa1 credit rating and earlier this month, DBRS Morningstar confirmed the City of Toronto’s credit rating of AA with a stable outlook.

This is the City of Toronto’s third rating this year and reflects its prudent financial management throughout the pandemic, strong financial support secured from senior levels of government, and a deep and diversified economy – factors that have helped sustain the City’s fiscal performance over the past two years.

“We believe that Toronto’s prudent financial management, strong financial support from senior levels of government, and a deep and diversified economy have sustained the city’s fiscal performance over the past two years,” S&P noted in its rating report. “As the largest city in Canada and operator of the most heavily used urban mass transit system in the country, Toronto has been significantly affected by the COVID-19 pandemic. The city will remain under pressure to keep delivering essential services, including transit, to its residents. However, as restrictions ease, we expect Toronto will demonstrate its ability to retrieve its pre-pandemic revenue generation capacity and absorb increased public health expenditures while preserving its creditworthiness in the long term.”

The rating action reflects S&P Global’s assessment of the macroeconomic and funding linkages between the Province of Ontario and its regional and local governments and government-related issuers. It is expected that the local economy will continue to recover and remain healthy in the next two years as COVID-19 pressures are offset, effective cost management initiatives are implemented and the City’s management continues to make cautious fiscal decisions.

“In our view, the city has demonstrated prudent financial management in the face of severe operating pressures, led by a largely cohesive council and experienced senior staff,” the report notes.

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


”We have worked throughout this unprecedented pandemic to continue the prudent financial management that our City needs. We have protected all our services, increased the vital services needed to respond to the demands of COVID-19 and we have worked with the other governments to secure needed support. These credit ratings demonstrate tremendous confidence in our city and its finances. I’m confident that this responsible governance will ensure that Toronto comes back from this pandemic stronger than ever.”

– Mayor John Tory

”We expect that the City’s relationship with senior levels of government will remain well balanced and that cost saving initiatives will preserve Toronto’s budgetary performance as we continue to deliver on our large capital plan.”

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

“Toronto remains a solid investment in global markets as we continue to invest in important services and key initiatives that our residents expect and that keep life in Toronto affordable. This credit action reaffirmation by S&P Global again recognizes this fact.”

– 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