City of Peterborough maintains “AA” credit rating

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Exterior of City Hall

Peterborough, ON – The City of Peterborough’s credit rating has been affirmed at “AA” with a stable outlook, Standard & Poor’s states in its recently released rating sheet.

Standard & Poor’s reviews the City’s credit rating and issues an updated rating sheet each year. The “AA” rating is the third highest available rating on the Standard & Poor’s credit rating scale. The rating reflects that the City is in a strong position to meet its financial obligations.

Among the reasons for the strong credit rating, Standard & Poor’s cited:

  • Prudent financial management and supportive institutions offset economic challenges;
  • Adequate actions implemented to help offset the revenue loss from the COVID-19 pandemic;
  • Modest new debt issuance coupled with operating revenue growth and scheduled debt repayments will result in tax-supported debt declining to about 40% of operating revenues by 2022;
  • The City’s prudent capital plan will require only modest additional borrowing, resulting in manageable debt levels;
  • Liquidity will remain a key credit strength.

Standard & Poor’s is a financial services company that offers services including credit ratings, data analysis and equity research to both the private and public sectors worldwide.

“The AA credit rating from Standard & Poor’s reflects the City’s prudent financial management during the economic challenges associated with the COVID-19 pandemic,” says Councillor Dean Pappas, the City’s Finance Chair. “A strong credit rating ultimately saves money for the good citizens of Peterborough by keeping the City’s interest rates low.”

The rating summary is online.

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For further information, members of the media are invited to contact the undersigned:

Yvette Peplinskie, Manager of Financial Services

Corporate and Legislative Services

City of Peterborough

705-742-7777 ext. 1862

Toll-Free: 1-855-738-3755 ext. 1862