Kingston Maintains AA+ Credit Rating with a Stable Outlook

Published on: 2023/10/19 - in News

The City of Kingston has once again secured an AA+ credit rating from Standard & Poor’s (S&P) Global Ratings, maintaining its stable outlook. This rating is a testament to the City’s financial management and ability to meet its obligations, according to the latest assessment from the independent agency.

“Having a strong credit rating is a significant indicator of the City’s ability to meet our financial obligations and, importantly, it validates our fiscal policies and practices,” said Mayor Bryan Paterson. “Residents and investors alike can view this AA+ rating as a vote of confidence in the way the City of Kingston manages its finances.”

S&P Global Ratings assesses the creditworthiness of municipalities, public agencies, and private corporations worldwide. The agency’s latest report on Kingston resulted from a comprehensive review encompassing several variables such as local economy, governance, fiscal position, and financial management practices. The review emphasized Kingston’s broad and diverse local economy, as well as its strong financial management. Despite inflationary pressures, the City’s prudent approach is expected to maintain robust financial results.

The AA+ rating with a stable outlook is the second-highest bond rating that can be assigned by S&P. “S&P’s annual credit rating process is an independent and objective assessment,” noted Desiree Kennedy, Chief Financial Officer and City Treasurer for Kingston. “This makes it an important tool in supporting fiscal transparency and accountability, and a valuable endorsement of our fiscal policies and approach. City staff support our fiscal strategies, and their contributions have made this achievement possible.”

Kingston has consistently garnered top ratings from S&P Global Ratings over the years. Notably, the City experienced an upgrade from an AA (Stable) to AA+ (Stable) rating in June 2022.

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