City’s credit rat­ing re­mains strong

Edmonton Sun - - NEWS -

The City of Ed­mon­ton has scored a AA+ credit rat­ing for the sev­enth con­sec­u­tive year, but it is be­ing warned it could face a down­grade if its cap­i­tal plan in­creases debt bur­den.

In­ter­na­tional agency Stan­dard & Poor is­sued the sec­ond-high­est pos­si­ble rat­ing cit­ing “grad­ual eco­nomic re­cov­ery, strong fi­nan­cial man­age­ment, and pre­dictable in­sti­tu­tional frame­work” as rea­sons for its de­ci­sion.

“Seven years of an AA+ rat­ing is a no­table achieve­ment,” the city’s act­ing chief fi­nan­cial of­fi­cer Stacey Pad­bury said in a state­ment.

“The City of Ed­mon­ton has main­tained this solid rat­ing through a ro­bust set of fi­nan­cial poli­cies and a well-doc­u­mented fi­nan­cial plan, as well as trans­par­ent dis­clo­sure of per­ti­nent in­for­ma­tion. Strong pro­cesses re­main the key to bal­anc­ing the city’s needs and re­sources while weather­ing re­cent eco­nomic chal­lenges.”

Stan­dard & Poor said the rat­ings out­look re­mains neg­a­tive for 2018 and “that the city could face a down­grade to its credit rat­ing in the fu­ture if the City of Ed­mon­ton’s cap­i­tal plan puts sus­tained pres­sure on bud­getary per­for­mance and in­creases debt bur­den.”

Newspapers in English

Newspapers from Canada

© PressReader. All rights reserved.