RELEASE — The City of Kingston has once again received a stellar AA+ credit rating with a stable outlook from S&P Global Ratings, thanks in part to its strong financial management practices and economic diversity.
“We are very pleased to once again receive this positive news. A strong credit rating is not only an indicator of our ability to meet our financial obligations, but it is an important validation of the City’s fiscal policies and practices,” says Desiree Kennedy, Chief Financial Officer and City Treasurer. “It provides both investors and residents with a level of confidence in the way the City manages its finances.”
S&P Global Ratings is an external agency that assesses municipalities and other public and private corporations around the world each year to gauge their ability to meet financial obligations. The AA+ rating is the second-highest bond rating assigned by the agency.
The S&P Global Ratings report highlights the City’s well-diversified economy, noting its large, stabilizing public sector and ongoing private investment that is helping to foster growth. The report also acknowledges the City’s prudent financial management practices which help to maintain robust financial results, gradually declining debt and exceptional liquidity.
“The credit rating process enhances transparency, assesses credit worthiness, and benchmarks financial strengths and weaknesses of the organization including its financial management strategies and approach to budgeting, capital planning and debt policy,” says Kennedy.
Kingston has received top grades from S&P Global Ratings for the past several years, including an upgrade from AA (Stable) to AA+ (Stable) in June 2022.