News Release
October 6, 2022

Moody’s Investors Service, an international credit rating firm, has reaffirmed the City of Toronto’s credit rating of Aa1 with a stable outlook. In reaffirming the City’s Aa1 rating, Moody’s cited the City’s sound governance, prudent fiscal management, and strengthened intergovernmental support.

Contributing to this rating was Toronto’s position as Canada’s largest municipal economy with strong diversification. The City was also recognized for its strong fiscal planning, excellent liquidity and very strong debt affordability combined with the fiscal flexibility provided by a broad tax base and unique taxation powers.

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 infrastructure investments for communities 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:

  • Moody’s Investors Services – Aa1 (Stable), rating and outlook: 2002 to Present
  • S&P Global Ratings – AA (Positive), rating: 2001 to Present; outlook: June 1, 2022
  • DBRS Morningstar – AA (Stable), rating and outlook: 2002 to Present


“By reaffirming the City’s credit rating, Moody’s has confirmed that our approach to containing the financial impacts of the COVID-19 pandemic while continuing to deliver core City services was a successful response. Toronto’s sound governance, prudent fiscal management, and strengthened intergovernmental partnerships will continue to ensure our strong recovery.

– 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