NEWS RELEASE
CITY OF GUELPH
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The City of Guelph’s credit rating remains strong at AA+ for the eighth year in a row, as announced today by S&P Global Ratings (S&P), despite the financial pressures imposed by the COVID-19 pandemic.
“This strong AA+ credit rating is more important than ever given the current economy and state of emergency,” said Mayor Cam Guthrie. “It is the excellent financial practices of the recent years, and the commitment to meeting future fiscal responsibilities, that ensures a solid foundation for our community.”
S&P is an independent company that looks at corporations around the world and analyses their capacity to meet financial obligations. According to S&P, the City of Guelph’s AA+ rating signifies its ability to meet its financial commitments is between very strong and extremely strong.
S&P reported that despite the economic slowdown caused by the COVID-19 pandemic, the city will recover within the next two years due to prudent financial management and cost-containment efforts and the city’s exceptional liquidity position.
S&P also considers geographic factors such as the city’s proximity to the Greater Toronto Area and location along the Highway 401 corridor, as well as a sizeable and broad manufacturing sector and a large public sector.
“Our AA+ rating, in a year of financial uncertainty, is accredited to our council and staff who have worked tirelessly to respond to, manage and recover from COVID-19,” said Scott Stewart, chief administrative officer for the city. “I’d also like to thank our local businesses, community partners and Guelph residents who continue to support and drive our economy as we navigate our way through recovery.”
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