- August 23 2017
August 18, 2017
Hamilton City Council ratified a series of committee reports on August 18, 2017 including a report presented to General Issues Committee last week outlining the details of Standard and Poor’s (S&P) Global Rating Services’ research update and its positive assessment of the City’s credit rating and economic outlook. The update, released in June, raised the City’s long-term credit and debt ratings to ‘AA+’ from ‘AA’.
The ‘AA+’ credit rating and stable outlook reflect the City’s high rankings in almost all categories, including:
- Institutional framework – very predictable and well balanced
- Economy – very strong
- Financial management – strong
- Budgetary flexibility – average
- Budgetary performance – strong
- Liquidity – exceptional
- Debt burden – very low
- Contingent liabilities – very low
The City’s budgetary flexibility was rated average due to the impacts of provincially mandated service levels, labour contracts, inflation, challenges deferring capital spending due to aging infrastructure and infrastructure deficit.
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