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Standard & Poor’s Reaffirms City’s A+ Stable Credit Rating


March 25, 2010 – Standard & Poor’s Credit Rating Service has reaffirmed Thunder Bay’s A+ stable credit rating. A City’s credit rating is used by investors and creditors to measure a municipality’s ability to meet its financial obligations. This is good news for residents because a good rating allows a municipality to borrow money at competitive interest rates and to pass on the lower costs to taxpayers.

In its March 2010 rationale, Standard & Poor’s said: “The ratings reflect our view of the city's very healthy cash and equivalent balances, higher-than-average level of senior government support, and consistently adequate operating surpluses. The stable outlook reflects Standard & Poor's expectations that both Thunder Bay's core municipal and its consolidated debt will not substantially rise, and its liquidity will not diminish.”

The City’s Long Term Financial Plan, which includes projected capital expenditures and debt issuance, also contributes to the results. By adhering to the financial guiding principles and following the current long term plan, decisions can be made so that the City of Thunder Bay remains a healthy and sustainable community.

The Financial Guiding Principles support the City’s strategic objective of being one of the best-run cities and the principles of fiscal responsibility, cost effectiveness, sustainability and accountability.

The report is available on the City’s website: www.thunderbay.ca/City_Government

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Contact: Carol Busch, City Treasurer & General Manager – Finance, 625-2241