“Robust fiscal performance to continue:” City retains ‘AAA’/Stable credit rating
The City of Saskatoon has again received a favourable endorsement from S&P Global Rating Services, which reconfirmed the City’s ‘AAA’ credit rating with a “stable” outlook.
“We’re pleased and excited with this rating,” says Kerry Tarasoff, Chief Financial Officer. “The City is expected to benefit from a diverse economy, keep debt manageable and be able to deliver a responsible budget.”
Calling Saskatoon the “economic engine of Saskatchewan,” S&P Global Rating Services today re-affirmed ‘AAA’ long-term issuer credit and senior unsecured debt ratings on the City.
Key points within the S&P report are:
- Saskatoon has a “diverse economy and prudent management”
- The City’s record of “robust fiscal performance” is expected to continue
- The strong financial performance will allow the City to “…proceed with its capital agenda while maintaining healthy liquidity and minimal debt.”
“The 'AAA' rating is important because it allows City Council to be able to plan for the steady population growth that we’ve experienced for the past decade or so and the growth that continues at a rate around two per cent a year,” Tarasoff says. “At our population right now that’s like adding another City of Humboldt or City of Melfort to our community over the next year.”
For more information, the report entitled “City of Saskatoon Ratings Affirmed At ‘AAA’; Outlook Remains Stable” is available on the City’s website saskatoon.ca.