The City of Kingston, Ont., is boasting its most recent credit score.
The eastern Ontario city has been given a “stellar” AA+ credit rating from S&P Global Rankings. It was also given a stable outlook.
The city attributes its strong performance to its “strong financial management practices and economic diversity.”
“We are very pleased to once again receive this positive news. A strong credit rating is not only an indicator of our ability to meet our financial obligations, but it is an important validation of the City’s fiscal policies and practices,” Desiree Kennedy, Chief Financial Officer and City Treasurer, said.
“It provides both investors and residents with a level of confidence in the way the City manages its finances.”
S&P Global Ratings is an external agency that assesses municipalities and other public and private corporations around the world each year to gauge their ability to meet financial obligations. The AA+ rating is the second-highest bond rating assigned by the agency.
The city says the report puts the spotlight on the city’s economy, specifically its large, stabilizing public sector and private investments as the primary reasons for the score.
“The credit rating process enhances transparency, assesses credit worthiness, and benchmarks financial strengths and weaknesses of the organization, including its financial management strategies and approach to budgeting, capital planning and debt policy,” Kennedy said.
Kingston has received top grades from S&P Global Ratings for the past several years, including an upgrade from AA to AA+ in June 2022.