City’s credit rating rises to highest level
The City of Regina has earned a top tier AAA credit rating from S&P Global, further cementing the city’s practice of strong financial management. This is the second consecutive increase for the City after having received a rating of AA+ with a positive outlook in 2018.
“The latest S&P Global credit rating is fantastic news for the City of Regina,” says Mayor Michael Fougere. “It speaks to our success in making careful choices to provide services and invest in infrastructure while maintaining affordability for property tax payers. Even in challenging financial circumstances, residents can count on the City to make progress on the priorities that are most important to Regina residents.”
According to S&P Global, Regina’s consistent budget performances and growing assessment base add further confidence to the future outlook. S&P notes that Regina has very strong financial management practices and the City has strengthened its long-term financial planning capabilities through improved linkages between its financial modelling and budgeting processes, its asset management plans, and its strategic plan.
“Our increase to AAA credit rating is further recognition of the City’s commitment to the highest quality of financial practices and ensuring long-term financial sustainability,” says Barry Lacey, Executive Director, Financial Strategy & Sustainability. “It also demonstrates that even in the midst of difficult budget decisions, the City continues to operate with strong financial management and responsible debt policies to meet the current economic challenges.”
S&P Global is a financial services company that offers credit ratings, data analysis and equity research to both the private and public sectors worldwide. S&P Global’s credit ratings express the agency’s opinion about the ability and willingness of an issuer, such as a corporation, provincial or municipal government, to meet its financial obligations.
An independent credit rating review of the City is performed annually and provides an indicator of the City’s overall credit worthiness.