Standard & Poor’s (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 balanced budgetary performance, low municipal debt burden, and a robust liquidity position. These considerations led S&P Global to reaffirm the rating for a fourth consecutive year.

“We are pleased the City has once again received this positive AA credit rating that reflect the City’s prudent financial management practices and acknowledges the cost containment efforts in place to help mitigate the direct fiscal impacts arising from the COVID-19 pandemic,” said Linda Evans, General Manager-Corporate Services & Long Term Care and City Treasurer.

“This rating will allow the Corporation to continue to secure the best available interest rates for future debt financing requirements.”

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

-30 -

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