Edmonton economic management receives a big thumbs-up, city retains its AA credit rating
Standard & Poor’s (S&P), a leading credit rating agency that rates how good cities and countries are at managing their money, has given Edmonton a big thumbs up. They’ve kept the city’s AA credit rating and even bumped its financial outlook from “doing okay” to “doing great.” This shows that Edmonton is handling its money well, even when the world’s economy is a bit shaky.
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Edmonton’s upgraded outlook comes on the heels of its expanding economy and prudent financial management. Both factors enable the city to funnel resources towards and expedite its burgeoning capital program. “Although the debt burden will increase to fund capital needs and remains high compared with that of peers, we believe the city has the resources to accommodate it,” noted S&P in its latest report.
S&P’s report is a pat on the back for how Edmonton has been handling its public money. “We are pleased that S&P has affirmed the City’s strong fiscal management and believe it reflects our responsible stewardship of public money,” said Stacey Padbury, Deputy City Manager, Financial and Corporate Services.
According to Padbury, this positive credit rating is more than a symbolic victory. It underlines the city’s potential to fulfill its capital commitments. This translates to the effective delivery of crucial infrastructure projects like city facilities, roads, bridges, and the expansion of Edmonton’s Light Rail Transit (LRT) — all vital elements that Edmontonians depend upon daily.
S&P also likes Edmonton’s “robust set of financial policies and a well-documented financial plan.” The agency further noted the city’s transparent disclosure of pertinent information, underscoring the administration’s commitment to accountability.
In a promising forecast for the city, S&P pointed out that the positive outlook carries a one-in-three chance of a credit rating upgrade within the next two years. This prediction banks on the expectation that “the city will successfully manage the capital plan to achieve sustainable budgetary results.”
So, S&P’s report is good news for Edmonton’s money future. It strengthens the city’s position as a good place for people to live and for investors to put their money.
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