Standard and Poor’s increases Vancouver’s credit rating

The City of Vancouver has had its long-term credit rating increased from AA to AA+ by Standard and Poor’s after paying off its debts from the 2010 Olympics.

“The upgrade reflects our assessment of the city’s significant decline in debt burden following its full repayment of the Olympic-related debt in 2014,” they wrote in their report.

The city’s short-term rating of A-1+ remains the same.

Standard and Poor’s praised the city’s liquidity, economy, low debt and “very strong budgetary performance,” but said Vancouver’s “somewhat limited” budget flexibility prevented a higher rating.

Vancouver announced it had repaid its $630 million debt from the Olympic Village last April after the Aquilini Group purchased the final 67 market condos in the development for $91 million.