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"CONTINUING STRONG ECONOMY”: ‘AAA’/STABLE CREDIT RATING AGAIN

For immediate release: February 2, 2015 - 12:03pm
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"CONTINUING STRONG ECONOMY”: ‘AAA’/STABLE CREDIT RATING AGAIN

For another year, the City of Saskatoon has earned the highest possible rating from international bond rating agency, Standard & Poor’s; S&P today reaffirmed its ‘AAA’/stable credit rating for Saskatoon - one of the hottest Canadian economies.

“Standard and Poor’s assessment again sends the message that the City’s budget process and resource allocation is open, accountable and transparent, and that Saskatoon has an economy that will keep our growth on track,” says His Worship Mayor Donald Atchison.

Every year Standard & Poor’s reviews the City’s finances and delivers the credit rating and supporting rationale in a report based on that study.

“This is exactly what we work toward every day,” says Acting Chief Financial Officer Kerry Tarasoff. “Saskatoon continues to be headed into healthy economic times, and S&P’s rating underlines that position.”

As it did last year, Standard & Poor’s continues to view the financial outlook for Saskatoon as stable. The agency is confident that cash flow and cash investments will increase to offset any rising debt. In other words, Saskatoon’s leading economy is expected to keep growing.

“Saskatoon's economic fundamentals are very strong, in our view” the report says. “We think Saskatoon is managing its growth well, and we expect this will continue.”

The City of Saskatoon demonstrates strong and prudent financial policies and solid management, and these have a positive impact on the credit profile. The City has received the ‘AAA’/stable credit rating every year for more than a decade.

Receiving a ‘AAA’ credit rating essentially means that the City of Saskatoon can borrow money at lower rates, and is viewed by financial institutions as having virtually no-risk with respect to defaulting on credit. The City of Saskatoon’s favorable budget performance, as well as its self-generated revenues, continue to place the City in a strong and stable financial position, supporting the City’s Strategic Goal of Asset and Financial Sustainability.

 For more City of Saskatoon Public Service Announcements, News Releases,  Traffic Detours and Service Alerts, visit www.saskatoon.ca or connect with the City of Saskatoon on Twitter and Facebook.