The City of Thunder Bay’s credit rating of AA+ with a stable outlook has been reaffirmed for another year according to the latest S&P Global Report. This report is issued annually from S&P, the world’s leading provider of independent risk research offering credit ratings, data analysis and equity research to both the private and public sectors worldwide.

Over the next two years the City is expected to continue to maintain a low debt burden and overall sound financial results. S&P Global recognizes the City’s local economy as anchored by its large, stabilizing public sector. These conditions, supported by the City’s strong liquidity position, led S&P Global to reaffirm the AA+ rating for the third year in a row.

“The AA+ credit rating confirms that the City’s financial position remains strong, and that we have a solid foundation to continue to be able to deliver the services and infrastructure that residents and businesses rely on”, said Keri Greaves, City Treasurer. “The credit rating is also a key performance indicator that helps us identify areas where we can improve, and we have several initiatives underway intended to further enhance our financial management practices, including multi-year budgeting and Phase 3 of the City’s Asset Management Plan which will include a long-range financial strategy.”

“The reaffirmation of our credit rating as AA+ with a stable outlook, underscores both Council and Administration’s dedication and commitment to outstanding financial management and planning.” said Norm Gale, City Manager. 

For more information, and to view the summary report, visit: www.thunderbay.ca/CreditRating

- 30 -

Contact: Keri Greaves - City Treasurer, 807-625-2645, keri.greaves@thunderbay.ca