S&P Global Ratings has reaffirmed the City of Thunder Bay’s credit rating of AA, with a stable outlook. 

Over the next two years the City is expected to maintain overall sound financial results including positive budgetary performance, low municipal debt burden and a robust liquidity position.  Efforts to increase reserve balances to fund the City’s capital program were also recognized. These conditions led S&P Global to reaffirm the rating for a fifth consecutive year. 

“We are pleased the City has once again received this positive AA credit rating by S&P Global. This rating will allow the Corporation to continue to secure the best available interest rates for future debt financing requirements.  The rating reflects Thunder Bay's prudent financial management practices and cost-containment efforts to mitigate the impact of the COVID-19 pandemic”, said Linda Evans, General Manager-Corporate Services & Long Term Care and City Treasurer.

For more information, and the summary report, visit our Credit Rating page.

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