Standard & Poor’s (S&P) Global Ratings has reaffirmed the City of Greater Sudbury’s credit rating as AA+ with a stable outlook for the second consecutive year.
This marks the sixth consecutive year the city has received a rating of AA with a stable outlook or higher, the city said in a news release.
“This latest update from S&P is a good sign that we are on the right track,” said Greater Sudbury Mayor Paul Lefebvre. “We are well-positioned to continue making solid, sustainable and strategic investment decisions.”
The mayor added that the city’s transition to multi-year budgeting “will be an additional tool to guide responsible service planning and deliver positive results.”
The full report from S&P is available at GreaterSudbury.ca/creditrating.
In a news release, the city said the S&P report indicates Greater Sudbury’s rating is bolstered by strong financial management practices and prudent and conservative policies. While aging infrastructure will continue to require higher capital investments, the city is expected to maintain a modest debt burden with no additional borrowing in the next several years, the release states.
Further, the city said the AA+ rating reflects expectations that the city’s economy will expand thanks to the mining sector and growing immigration, aided by programs like the Rural and Northern Immigration Pilot Program. The report also notes the city’s large public sector is helping diversify the local economy from its historical dependence on nickel mining, the release said.
S&P is a global financial services company that offers credit ratings, data analysis and equity research to both the private and public sectors.