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September 27, 2002
Credit rating upgrade underscores need for additional provincial, federal funding
Mayor Mel Lastman today cited a statement by Moody's Investor Services as proof
of the City's need for additional funding from the Provincial and the Federal

"The province walked away from the TTC; they came back to the table with $110
million a year for the next 10 years and our rating went up," Lastman said.
"Imagine what would happen if Queen's Park and Ottawa both moved on the new
deal we've been asking for."

Lastman said the turn-around in the City's credit rating underscores Toronto's
need for long-term, sustainable funding from its provincial and federal
partners. He also congratulated City staff for what Moody's described as
"strong fiscal performance in the face of many organizational and financial
challenges in recent years."

"If that's not an endorsement of this organization's management abilities, I
don't know what is," Lastman said.

Yesterday, Moody's upgraded the City of Toronto's rating to Aa1 from Aa2,
citing management's performance and an "increased provincial presence in
funding municipal infrastructure programs."

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