City's AA+ credit rating reconfirmed by Standard & Poor's (S&P) Global Ratings

The City of Greater Sudbury’s AA+ credit rating with a stable outlook, which was just upgraded earlier this year, was reaffirmed today by Standard & Poor’s (S&P) Global Ratings in its annual review.

The credit rating is an assessment of the municipality’s financial health based on factors such as historic financial performance, policies, economic growth and long-term plans. It influences the interest rate paid on any new debt the City takes on, such as the financing required for asset renewal, or for initiatives that support growth and economic activity throughout the municipality.

“An AA+ credit rating is a great source of pride for our City” said the Mayor of Greater Sudbury. “This credit rating is a direct benefit of the strategy and hard work achieved by City Council and supported by staff. Achieving an excellent credit rating enables us to make financial decisions that will support our community as we continue to be a great northern hub that has immense innovative capacity”. 

S&P states, “Sudbury's financial management practices are strong, and largely in line with those of similarly rated peers. The city provides transparent, easy-to-access disclosure of pertinent information and prepares robust operating and capital budgets. Its annual operating and capital budgets reflect the broad goals outlined in the 10-year financial plan, which contains what we view as realistic assumptions.” . It notes that strong budgetary performance, support from senior governments and cost mitigation strategies contributed to S&P’S rating assessment.

“This is one of the highest ratings available and reaffirms the view that Greater Sudbury's financial fundamentals are solid,” said City of Greater Sudbury Chief Administrative Officer Ed Archer. “This result reflects Council's and staff's strong focus on fiscal discipline and our commitment to the goals of our long term financial plan".

S&P is a global financial services company that offers credit ratings, data analysis and equity research to both the private and public sectors. The company’s research emphasizes transparency and assists investors in making educated decisions. S&P has a history in the financial sector that dates back more than 150 years.

The full report from S&P is available at www.greatersudbury.ca/creditrating.

-30-