The City of Calgary’s positive credit ratings are reaffirmed by globally recognized rating agencies S&P and DBRS Limited
DBRS Limited released its report reaffirming our Issuer Rating and Long-Term Debt rating of AA (high), and the Commercial Paper rating at R-1 (high), with stable trends. Also, recently Standard & Poor’s Global Ratings (S&P) released its report that reaffirmed The City of Calgary’s AA+ long-term issuer credit rating and A-1+ short-term rating.
Administration 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.
The reports speak to The City’s strong financial management practices, low debt burden, liquidity position, supportive institutional framework, and consistently proven capacity to enact fiscal policies and respond to external risks.
The report released by S&P states, “the COVID-19 pandemic has not resulted in deterioration in Calgary's budgetary performance” and goes on to say “management implemented adequate actions to offset the revenue loss and increased expenditures.”
Carla Male, Chief Financial Officer, said “Both The City and citizens are feeling the economic impacts of COVID-19 and the affirmation of our positive credit rating is a result of the hard work we’re collectively doing to move Calgary’s economic recovery forward. I’m proud of the resilience of citizens and the careful financial management by City staff to achieve the positive ratings, which ensures our continual recovery.”