City Receives Strong Credit Rating Reflecting Growth and Sound Financial Management

The City of Greater Sudbury’s AA+ credit rating with a stable outlook was reaffirmed for the third consecutive year by Standard & Poor’s (S&P) Global Ratings. This achievement marks the seventh year in a row that the City has earned a rating of AA with a stable outlook or higher.

The AA+ rating reflects the City’s solid economic performance and prudent financial management as it continues to experience steady expansion and diversification. The S&P report highlights the City's effective financial practices, comprehensive budgeting process, well-qualified management team, and comprehensive Long-Term Financial Plan, which is based on realistic assumptions and strategic foresight.

"Standard & Poor's confirmation of our strong credit rating is very good news for our community,” said Greater Sudbury Mayor Paul Lefebvre. “This is a positive external assessment of our efforts to grow our community and make necessary infrastructure investments, which are having the intended effect on our economy and lifestyle. I thank Council for their collaboration and support for the positive, forward-looking view used to guide our decisions, and thank staff for their ongoing efforts and responsiveness to Council's directions."

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.

Economic and demographic trends are anticipated to continue supporting the City’s financial health with ongoing population growth expected to further enhance the municipality’s assessment base, contributing to sustained operating revenue.

"This credit rating assessment is great news. It sends positive signals to lenders and businesses looking for a place to grow, that Greater Sudbury is a good place to invest,” said Ward 9 Councillor Deb McIntosh, Chair of the Finance and Administration Committee. “It recognizes we are executing plans that ensure Greater Sudbury will continue to be good place to invest, live and work in the future. I am particularly appreciative of the positive comments about our financial plans and policies. We are doing a lot of things right to secure a positive future for residents and businesses, thanks to effective collaboration between Council and staff."   

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.

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