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City of Saskatoon maintains AAA credit rating

Standard & Poor’s reaffirms the City of Saskatoon’s AAA credit rating. File / Global News

The City of Saskatoon has maintained its AAA credit rating from Standard & Poor’s (S&P).

S&P said in its report that despite a decline in commodity prices that affected the local economy, the city was able to lessen the impact.

“The stable outlook reflects our expectations that, throughout the two-year outlook horizon, Saskatoon will continue benefiting from a very strong economy, and maintain exceptional liquidity, strong budgetary performance, and low debt,” the report states.

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It also noted the city has a healthy financial picture for the immediate future.

“The stable outlook reflects S&P’s expectations that Saskatoon is well positioned to benefit from a very strong economy,” Saskatoon Mayor Charlie Clark said in a statement.

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“Along with our ability to pay for programs and services, S&P says city council has maintained a strong budgetary performance, and kept debt low.”

S&P also noted Saskatoon has historically had a stable and healthy budgetary performance and expects the city to continue to generate robust operating surpluses.

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The S&P rating is based on a yearly review of the City’s finances.

Saskatoon has received the AAA credit rating for over a decade, allowing it to borrow money at lower interest rates.

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