A credit rating bureau is giving high marks to Guelph’s ability to be fiscally responsible.
The City of Guelph, Ont., recently announced that it had achieved the highest possible independent credit rating of AAA from S&P Global Ratings.
They say the rating reflects the city’s commitment to long-term financial sustainability and the resilience of Guelph’s local economy.
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S&P Global Ratings says they expect Guelph will remain a destination for economic development.
Factors contributing to the high rating, according to S&P, include the city’s multi-year budget process, increased capital spending this year and lower expected deferrals in the future.
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The ratings agency also cites the city’s relatively diverse economy, including a robust manufacturing sector and large public sector with a university, schools, hospitals and municipal administration.
Mayor Cam Guthrie says the rating is a testament to council and administration’s collective focus on strong fiscal discipline and prudent policies.
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