NEWS RELEASE
CITY OF GUELPH
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The City of Guelph’s credit rating remains strong at AA+ for the seventh year in a row, as announced today by S&P Global Ratings (S&P).
“This AA+ credit rating reaffirms that the City of Guelph is built on a strong financial foundation,” said Mayor Cam Guthrie. “Excellent municipal finances and practices will benefit the people who live and work in this beautiful city for years to come.”
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, and reflects the City’s stable economy underpinned by sizable manufacturing and public sectors.
There are a number of factors that contribute to Guelph’s AA+ rating, the most impactful being Council and City administration’s management of its finances, which “demonstrates prudent revenue and expenditure planning practices,” according to S&P’s report. The report also states that Guelph benefits from its proximity to the Greater Toronto Area and location along the Highway 401 corridor, as well as its stable population growth and sizable public sector employment consisting of the university, schools, hospital and government offices.
“This strong rating reflects Council and staff’s ongoing hard work and diligence in meeting our financial obligations,” said Scott Stewart, chief administrative officer for the City. “An AA+ rating will allow us to act strategically in investing in the required infrastructure to meet our community’s needs.”
Read S&P’s report on Guelph’s 2019 credit rating.
About S&P Global Ratings
S&P Global Ratings is a leader in independent credit risk research and market intelligence including credit ratings, research, and thought leadership. It has offices in 26 countries and more than 150 years of experience.
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