Credit rating agency gives Guelph a triple-A grade for second consecutive year | 24CA News
Guelph is receiving prime marks for having a excessive monetary credit standing from Standard & Poor’s Global Ratings.
In a news launch on Tuesday, the town of Guelph mentioned it acquired AAA, which is the very best score doable from the monetary company.
Mayor Cam Guthrie mentioned receiving the excessive score is a testomony to council and to the town administration for his or her collective concentrate on sturdy fiscal self-discipline and prudent insurance policies.
S&P Global is an impartial firm that analyses cities and companies around the globe and evaluates their capability to fulfill monetary obligations.
“This AAA credit rating — the highest possible — is an objective, third-party assessment of Guelph’s financial picture that shows our fundamentals are solid,” Guthrie mentioned.
The company mentioned it discovered the town’s sturdy financial system is due partly to a broad manufacturing sector and a big public sector together with faculties and hospitals.
As a key to Guelph’s secure monetary place, the report additionally checked out the advantages of the multi-year finances course of with plans to introduce a four-year working finances in 2024.
Chief administrative officer Scott Stewart mentioned the credit standing isn’t only a letter grade on a report card, both.
“It exemplifies Guelph’s long-term planning and overall commitment to fiscal responsibility now and in the future to ensure a solid foundation for our community,” he mentioned.
The company mentioned the score rationale considers Guelph’s sturdy monetary administration practices, well-defined monetary insurance policies and distinctive liquidity place.
Additional elements that contribute to the credit standing embody the town’s comparatively various financial system, rising inhabitants, various employment base and proximity to the Greater Toronto Area.
Guelph additionally acquired a AAA credit standing from S&P Global final yr.
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