City maintains its Standard & Poors credit rating
WINNIPEG – Standard and Poor’s has recently affirmed Winnipeg’s AA (Stable) credit rating based on a very strong and diversified economy, stable budgetary performance, strong financial management, and robust liquidity.
“Standard and Poor’s confirmation of our AA credit rating is an encouraging sign amidst a very challenging budget environment,” said Mayor Brian Bowman. “The AA rating is evidence of the City of Winnipeg’s strong and responsible approach toward managing the City’s finances.”
“In a year when we’ve faced and addressed so many funding challenges, it is rewarding to receive Standard and Poor’s affirmation,” said Councillor Scott Gillingham, Chair of the Standing Policy Committee on Finance. “The credit rating is reflective of the strong work the City’s management team does, and our commitment to fiscal prudence.”
In its research update, Standard and Poor’s noted that “Winnipeg exhibits strong financial management, which has a positive impact on the ratings. The management team is what we consider experienced and qualified to effectively enact fiscal policies, as well as effectively respond to external risks.”
Among other practices that positively reflect on the City’s credit rating process are the development and adherence to long-term financial and capital improvement plans, and the maintenance of an adequate level of operating reserves.
For more information, please see Standard and Poor’s research update pertaining to the credit opinion for the City of Winnipeg.