S&P Global Ratings cites the city's strong and diversified economy and prudent financial management practices.
The City of Kingston's finances appear to be in good shape.
Standard and Poors Global Ratings gave the city an AA+ credit rating with a stable outlook for the fifth straight year. The AA+ (stable outlook) rating is the second-highest bond rating assigned by the agency.
There are six factors that determine the rating. They include the overall institutional framework of municipalities, individual credit profile indicators such as the local economy, the City’s financial management and budgetary performance, and its debt burden.
In a news release, the City says the strong credit rating reflects their strong and diversified economy, prudent financial management practices and strong liquidity position.
Chief Financial Officer and City Treasurer Desiree Kennedy says maintaining the credit rating is remarkable given the increasing service and infrastructure costs, significant growth-related investment requirements and competing demands on limited financial resources.
She adds the City has not issued any new debt since 2022 and have been repaying more principal than borrowed.
Story by Ken Hashizume
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