TOP CREDIT RATING CONTINUES: STRONG ECONOMY PROJECTED

International bond rating agency Standard and Poor’s (S&P) has again awarded the City of Saskatoon (City) its top rating of AAA/Stable.

“Standard and Poor’s has time and again approved of the way we plan City business,” says His Worship Mayor Donald Atchison. “At a time when many are focusing on government finances, S&P has had a look two years down the road and is confident Saskatoon will continue benefitting from a very strong economy.”

Every year S&P reviews the City’s finances and delivers a rating in a report based on that study.

“This is excellent news,” says Chief Financial Officer Kerry Tarasoff. “The triple-A rating continues to provide Saskatoon with the financial certainty we need as we grow forward toward half a million people.” 

“Saskatoon demonstrates strong financial management,” the agency notes.  As S&P continues to view the financial outlook for Saskatoon as stable, it further outlines part of this strength is grounded in a diverse local economy which is not tied as strongly to the resource sector.

The agency also points to the City’s transparency, audited financial statements, “good” budget documents and financing plans as other reasons to award the rating.

The City has received the AAA/stable credit rating every year for more than a decade.

Receiving the AAA credit rating essentially means that the City can borrow money at lower rates, and is viewed by financial institutions as having virtually no-risk with respect to defaulting on credit.

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