June 29, 2017 - Thunder Bay's strong budgetary performance, effective cost controls, low municipal debt burden, and excellent liquidity balances have led S&P Global Ratings (formerly Standard & Poor's)  to raise the City`s credit rating from "˜AA-"˜ to "˜AA'.

"This is great news for residents, and demonstrates that the City of Thunder Bay continues to manage finances in a very responsible manner"Ž with respect for public dollars, by another good financial report card," said Mayor Keith Hobbs.

The stable outlook is based on S&P Global's expectation that the city will continue to maintain low debt burdens along with healthy reserve funds and liquidity balances.

"We are very pleased the City's finances have once again been rated positively by S&P Global Ratings and performance improvements recognized," 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 stable outlook reflects S&P Global's expectation that over the next two years Thunder Bay will generate largely consistent budgetary performance, despite significant capital spending, while maintaining a stable debt burden and liquidity.

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: www.thunderbay.ca/performance

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