Independent ratings acknowledge Calgary commitment to responsible financial management
The City of Calgary has received positive news as global rating agencies S&P Global Ratings (S&P) and DBRS Limited reaffirmed the city’s credit ratings.
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According to S&P, Calgary’s AA+ Issuer credit rating has been reaffirmed, reflecting the city’s stable financial position. DBRS Limited also affirmed Calgary’s Issuer Rating and Long-Term Debt rating at AA (high), along with the Commercial Paper rating at R-1 (high), all with stable trends.
The city administration utilizes the services of S&P and DBRS Limited to enhance performance measurement and accountability. By subjecting its financial data to review by credible third parties, Calgary aims to ensure transparency and maintain a high standard of fiscal management. The recently published reports for 2023 showcase the city’s robust financial practices, effective debt management, and favourable liquidity position.
DBRS’s report recognizes Calgary’s prudent fiscal management approach, relatively low debt burden, and strong liquidity, which contribute to the positive credit ratings.
Les Tochor, Acting Chief Financial Officer, expressed satisfaction with the credit ratings, emphasizing their role in reducing borrowing costs for the city. “The city’s continued positive credit ratings and independent third-party outlooks save Calgarians money by helping reduce borrowing costs for the city. The positive credit ratings are an achievement made possible through careful decision making and dedication of all city staff.”
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