Thunder Bay's strong budgetary performance, prudent financial management practices, low municipal debt burden, and excellent liquidity balances have led S&P Global Ratings to reaffirm the City`s credit rating of ‘AA’.

 

"The positive outlook assigned by S&P is a clear indication we are heading in the right direction and managing our finances well,” said Mayor Keith Hobbs.

 

The stable outlook reflects S&P Global’s expectation that over the next two years Thunder Bay will continue to experience strong budgetary results that will help maintain healthy reserve and liquidity balances and decrease debt burden.

 

“We are very pleased the City has received this positive AA credit rating by S+P Global for the second year in a row.  This rating reflects our positive budgetary performance, effective cost controls and helps the city secure the best available interest rates for our debt financing requirements “said Linda Evans, General Manager-Corporate Services & Long Term Care and City Treasurer.

“Administration, with direction and guidance from Council, takes its financial responsibilities very seriously. Thunder Bay remains committed to sound and thorough long-term financial planning, and this rating by S&P Global reflects that.”

 

The financial guiding principles support the City’s strategic objective of being one of the best-run cities in Canada.

 

For more information, and the summary report, visit: thunderbay.ca/performance

 

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Contact:  Linda Evans, General Manager-Corporate Services & Long Term Care and City Treasurer, 625-2241