AA+ credit rating reaffirms Guelph’s solid financial foundation:
Guelph, Ont., August 15, 2018 – The City of Guelph’s credit rating remains strong at AA+ as announced today by S&P Global Ratings (S&P).
“This is great news for ensuring the long-term prosperity of Guelph,” said Mayor Cam Guthrie. “This rating not only reflects the City of Guelph’s solid financial position and practices, it also speaks to our vibrant economy, ability to attract new residents, employers, and investment opportunities.”
S&P is an independent company that looks at corporations around the world and analyses their capacity to meet financial obligations. The City of Guelph’s AA+ rating signifies its ability to meet its financial commitments is between very strong and extremely strong.
Council and City administration’s management of its finances is a big part of why the City’s credit rating has remained at AA+ for six years in a row, but there are other factors that contribute to a high rating. S&P considers Guelph’s proximity to the Greater Toronto Area and location along the Highway 401 corridor to have economic benefits; its fairly high median household income; its high growth in population; and its sizable public sector employment consisting of the university, schools, hospital and government offices that help to balance the large manufacturing sector.
“Our ability to meet our financial obligations is paramount for both Council and staff,” said Derrick Thomson, chief administrative officer for the City. “A great credit rating is our financial foundation that allows us to strategically plan for the future, and a testament to continuous good work.”
Read S&P’s report on Guelph’s 2018 credit rating.
About S&P Global Ratings
S&P Global Ratings is a leader in independent credit risk research and market intelligence including credit ratings, research, and thought leadership. It has offices in 26 countries and more than 150 years of experience.