City of Kingston maintains its AA+ credit rating with a stable outlook
October 17, 2023
The City of Kingston has once again received a stellar AA+ credit rating with a stable outlook from Standard & Poor’s (S&P) Global Ratings.
“Having a strong credit rating is a significant indicator of the City’s ability to meet our financial obligations and, importantly, it validates our fiscal policies and practices,” says Mayor Bryan Paterson. “Residents and investors alike can view this AA+ rating as a vote of confidence in the way the City of Kingston manages its finances.”
S&P Global Ratings is an external agency that assesses municipalities and other public and private corporations around the world each year to gauge their ability to meet financial obligations. Their report was the result of a thorough review of the City’s local economy, management and governance, fiscal position, financial management practices and budgetary performance.
The assessment highlights Kingston’s broad and diverse local economy, strong financial management practices and debt policy. The report also noted that, despite inflationary pressures, the City’s prudent financial management will help to maintain robust financial results.
The AA+ (stable outlook) rating is the second-highest bond rating assigned by the agency.
“S&P's annual credit rating process is an independent and objective assessment,” says Desiree Kennedy, Chief Financial Officer and City Treasurer. “This makes it an important tool in supporting fiscal transparency and accountability and a valuable endorsement of our fiscal policies and approach. City staff support our fiscal strategies and their contributions have made this achievement possible.”
Kingston has received top grades from S&P Global Ratings for the past several years, including an upgrade from AA (Stable) to AA+ (Stable) in June 2022.