August 10, 2018
For the seventh consecutive year, international credit rating agency Standard & Poor’s has awarded the City of Edmonton a score of AA+. This rating is the second-highest possible and reflects the City’s strong economic fundamentals.
“Our AA+ rating speaks to the City of Edmonton’s commitment to careful financial management and responsible use of tax dollars,” said Stacey Padbury, Acting Chief Financial Officer at the City of Edmonton.
Standard and Poor’s cites “gradual economic recovery, strong financial management, and predictable institutional framework” as reasons for continuing to issue this strong rating to the City.
The ratings outlook remains negative for 2018 and cautions that the City could face a downgrade to its credit rating in the future if the City of Edmonton’s capital plan puts sustained pressure on budgetary performance and increases debt burden.
“Seven years of an AA+ rating is a notable achievement,” said Padbury. “The City of Edmonton has maintained this solid rating through a robust set of financial policies and a well-documented financial plan, as well as transparent disclosure of pertinent information. Strong processes remain the key to balancing the City’s needs and resources while weathering recent economic challenges.”