City of Calgary’s positive credit ratings reaffirmed by globally recognized rating agencies
CALGARY – The City of Calgary is pleased to announce that global recognized rating agencies S&P Global Ratings (S&P) and DBRS Limited have reaffirmed our positive credit ratings.
The City uses the rating services of S&P Global Ratings and DBRS Limited as additional sources of performance measurement and accountability by presenting our numbers for review by credible third parties. DBRS Limited affirmed our Issuer Rating and Long-Term Debt rating of AA (high), and the Commercial Paper rating at R-1 (high), with stable trends. While Standard & Poor’s Global Ratings (S&P) reaffirmed The City of Calgary’s AA+ Issuer credit rating.
The 2022 published reports speak to The City’s management accountability, strong financial management practices, low debt burden, liquidity position and supportive institutional framework.
Continued positive ratings assure citizens that The City is managing our finances well and are keeping our debt levels and borrowing costs manageable, which reduces the costs of City services.
The report released by S&P states, “The city has well-defined financial policies and a well-documented financial plan.” And goes on to say, “In our view, Calgary demonstrates very strong financial management practices and has consistently proven its capacity to enact fiscal policies, as well as to respond to external risks.”
After reviewing the reports, Carla Male, Chief Financial Officer, said “The continued positive credit ratings are a notable achievement that benefits Calgarians by contributing to reduced borrowing costs. I’m proud to work with a team of dedicated City employees who are focused strong fiscal management and improving the lives of citizens.”