The City of Greater Sudbury announced Sept. 30 that credit rating agency Standard & Poor’s has confirmed in its global ratings that the Nickel City continues to enjoy a AA+ credit rating.
The rating is “an assessment of the municipality’s financial health based on factors such as historic financial performance, policies, economic growth and long-term plans.”
The better the rating, the better the interest rate paid on any new debt the city takes on.
“Sudbury's financial management practices are strong, and largely in line with those of similarly rated peers,” the city said S&P’s report states. “The city provides transparent, easy-to-access disclosure of pertinent information and prepares robust operating and capital budgets. Its annual operating and capital budgets reflect the broad goals outlined in the 10-year financial plan, which contains what we view as realistic assumptions.”
The city’s CAO, Ed Archer, said the reaffirmed rating confirms the city’s financial footing is solid.
“This is one of the highest ratings available and reaffirms the view that Greater Sudbury's financial fundamentals are solid,” Archer said. “This result reflects council's and staff's strong focus on fiscal discipline and our commitment to the goals of our long term financial plan.”
