THUNDER BAY – The City of Thunder Bay is forecast to uphold a low debt burden and yield sound financial outcomes for the following two years, the City is recognized by S&P Global as having a robust local economy, underpinned by its expansive and stabilizing public sector. These factors, combined with the City’s outstanding liquidity position, have contributed to the reconfirmation of the AA+ rating by S&P Global for a consecutive second year. This follows an upgrade in the City’s rating last June due to alterations in the institutional framework assessment for Canadian municipalities by S&P Global.
Emma Westover, the Acting General Manager of Corporate Services & Long Term Care and City Treasurer, expressed satisfaction with the reaffirmation, saying, “It’s rewarding to see the City’s AA+ positive rating confirmed by S&P Global. The report points to strong financial management practices and the capacity to execute the strategic plan and budget. This indicates that our Corporation is heading in the right financial direction.”
Adding to this, City Manager Norm Gale stated, “The rating is a reflection of the robust financial stewardship and backing by the City Council.”