Credit rating affirmed at “AA” for the City of Peterborough - November, 2019

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Peterborough, ON – The City of Peterborough’s credit rating has been affirmed at “AA” with a stable outlook, Standard & Poor’s states in a rating sheet issued on November 12, 2019.

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:

  • It expects the City’s economic performance to remain relatively stable in the medium term supporting healthy operating results;
  • The City will manage its capital plan, operating prudently within its self-imposed debt limits, which will lead to decreasing debt burden in the next two years;
  • The City’s political and managerial commitment to disciplined fiscal policies continue to be a credit strength;
  • Year-over-year growth in the local economy as a number of local businesses are expanding, particularly in the aerospace and manufacturing industries;
  • Canadian municipalities benefit from a very predictable and well-balanced local and regional government framework that has demonstrated a high degree of institutional stability; and
  • Municipalities generally have the ability to match spending well with revenues, except for capital spending, which can be intensive.

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 strong, fiscally responsible policies and direction by the City,” says Councillor Dean Pappas, the City’s Finance Chair. “It ultimately saves money for the good citizens of Peterborough by keeping the City’s interest rates low.”

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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

500 George Street North

Peterborough, ON  K9H 3R9

705-742-7777 ext. 1862

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