S&P Global, an international credit rating agency, has reaffirmed the City of Toronto’s AA credit rating with a positive outlook.
In reaffirming the City’s credit rating, S&P Global cited Toronto’s deep and diversified economy, and Council and senior leadership’s prudent financial management as the foundation of the City’s credit strength.
This is the City’s second credit rating affirmation from S&P Global this year and reflects the City’s prudent financial management, strong financial support from senior levels of government, and a deep and diversified economy – factors that have helped sustain its fiscal performance since the start of the pandemic.
Earlier this month, Moody’s Investors Service also reaffirmed the City’s Aa1 credit rating.
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:
Quotes:
“We have worked hard since the start of the COVID-19 pandemic to partner with other orders of government to secure the support needed and continue to provide and protect important services. I’m confident that with continued partnerships and responsible governance, including the prudent financial management we have demonstrated throughout the last eight years, that Toronto will recover from this pandemic and come back stronger than ever before.”
– Mayor John Tory
“The City has continued our prudent financial management to protect important services and fund key initiatives that residents and businesses rely upon. These credit ratings demonstrate continued confidence in Toronto and its finances.”
– 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.