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March 19, 2008
Standard and Poor’s Ratings Services upgrades City’s outlook to positive and affirms AA rating
  
Standard and Poor’s Ratings Services has released a report dated March 19, 2008, confirming the City of Toronto’s AA credit rating with an upgrade from stable to a positive outlook.

The positive outlook reflects the City’s commitment to maintaining fiscal discipline through prudent management policies. The report states that “the city’s financial flexibility is increasing. Thanks to the planned imposition of new taxes and increased capital and operating support from senior governments, Toronto’s operating and after capital results are expected to improve as the increased operating and capital revenues phase-in.” The report also points to the importance of accessing new revenue sources to lessen municipal reliance on property taxes and provide more flexibility in budgeting.

“I am pleased that Standard and Poor’s has recognized the improvements in the City’s financial picture,” stated Mayor David Miller. “We still have some work ahead of us, but this is a very positive signal to the residents of Toronto that we are on the right track."

“The report also points to the importance of accessing new revenue sources to lessen municipal reliance on property taxes and provide more flexibility in budgeting,” noted Budget Chief Councillor Shelley Carroll. “The upgraded rating puts the City on the path to a possible further upgrade which would have a favourable impact on our borrowing costs."

City Manager Shirley Hoy commented that “S&P recognizes that the efforts of the Mayor, Councillors and staff working together to achieve continuous improvements provide the tools to address the City’s fiscal challenges”.

“This credit rating is a positive signal to those investing in the City that the wide ranging improvements to our financial processes and resources continue to set the stage for a financially healthy and sustainable City of Toronto”, added Joseph Pennachetti, Toronto’s Deputy City Manager and Chief Financial Officer.

Toronto is Canada’s largest city and sixth largest government, and home to a diverse population of about 2.6 million people. It is the economic engine of Canada and one of the greenest and most creative cities in North America. In the past three years, Toronto has won more than 70 awards for quality, innovation and efficiency in delivering public services. Toronto’s government is dedicated to prosperity, opportunity and liveability for all its residents.

Media contacts:
Len Brittain, Director, Corporate Finance, 416- 392-5380, lbrittai@toronto.ca
Cindy Bromley, Communications Manager, 416-392-4993, cbromley@toronto.ca


 

 

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