The City of London has maintained its triple-A credit rating from Moody’s Investors Service, the highest possible rating, even amid the ongoing turmoil from the COVID-19 pandemic.
In a release on Wednesday, the city says Moody’s pointed to the city’s multi-year budget process, which allows for flexibility to mitigate against revenue losses and adjust spending when facing unprecedented disruptions like the pandemic.
“I was very pleased to receive this news, especially given the multitude of financial challenges municipalities faced as a result of COVID-19,” said Mayor Ed Holder.
“The City of London has a long, proud history of financial stability and prudent fiscal management, and we’re committed to continuing that tradition – even under exceptionally difficult circumstances.”
Holder added that the rating should leave Londoners confident in the city’s handling of their tax dollars.
City treasurer Anna Lisa Barbon added that the city’s ability to maintain its rating through the pandemic “continues to be a reflection of the City’s sound financial policies and prudent financial planning.”
Moody’s, in assigning the rating, also pointed to the city’s recent history of positive operating results, conservative debt management practices and measured approach in investment policies.