Calgary,
26
July
2019
|
19:55
America/Denver

Globally recognized, international rating agencies S&P and DBRS Limited reaffirms The City of Calgary’s credit ratings

(Calgary) – The City of Calgary is pleased to share that Standard & Poor’s Global Ratings (S&P) released their report today, which has reaffirmed our ‘AA+’ long-term issuer credit rating and ‘A-1+’ short-term rating. DBRS Limited also recently reaffirmed the Issuer Rating and Long-Term Debt rating of The City of Calgary at AA (high), and the Commercial Paper rating at R-1 (high), with Stable trends.

Both reports speak to the continued economic recovery of Calgary and the responsible financial management of The City. In the report released today by S&P, they stated “management's strong history of mitigating the effect of this volatility on Calgary's budgetary performance strengthens the city's creditworthiness and will continue to make the city resilient to economic shocks.”

Regarding large capital projects, S&P stated “Calgary's strong budgetary performance provides a solid foundation to support major capital spending over the next several years, including the Green Line light rail transit (LRT) project, limiting the need for significant debt and preserving the city's robust liquidity.”

“The positive ratings and outlooks reflects the prudent financial management of all City staff,” said Carla Male, Acting Chief Financial Officer, of the ratings. “I am proud of our team commitment to helping drive Calgary’s continued economic recovery and improving the lives of citizens.”

For more information on how The City of Calgary is supporting economic recovery please visit: www.calgary.ca/deliveringvalue.

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