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City’s credit rating upgraded by international agency

February 27 2015

“Standard and Poor’s upgrade of Vancouver’s credit rating is further evidence of Vancouver’s strong and growing economy,” says Mayor Gregor Robertson.

Vancouver City Hall

Our credit rating was upgraded from AA to AA+ by Standard and Poor’s Rating Service, with a stable outlook.

The upgrade to AA+ reflects the agency’s:

  • Assessment of our decline in debt burden following full repayment of the Olympic-related debt in 2014
  • Expectations that  in the next two years:
    • Our economic results will remain strong
    • Free cash and liquid assets will remain well-above 100 per cent of the next 12 months’ debt service
    • Budgetary performance will remain very strong
    • Debt will remain low

Statement from Mayor Robertson

“Standard and Poor’s upgrade of Vancouver’s credit rating is further evidence of Vancouver’s strong and growing economy,” says Mayor Gregor Robertson. “Through strong financial management and controlled spending, we are keeping taxes low, while providing the programs and services Vancouver citizens rely on.”  

Statement from the report

According to the report, “The ratings on Vancouver reflect Standard & Poor's opinion of the City's exceptional liquidity, very strong economy, low debt burden and very strong budgetary performance. The ratings also reflect our view of the ‘very predictable and well-balanced’ institutional framework for Canadian municipalities, our assessment of the City's strong financial management, and low debt burden and contingent liabilities.”

“In our view, Vancouver demonstrates strong financial management, which has a positive impact on its credit profile. The City has a robust set of financial policies and its annual financial statements are audited and unqualified. In addition, it provides transparent, easy-to-access disclosure to pertinent information and prepares detailed operating and capital budgets. We believe management of debt and liquidity is prudent and the business plan articulates formal risk-management strategies and policies well.”

Council to vote on draft budget

Our draft 2015 budget was released last week. Council will vote on the draft 2015 Budget on March 3 at a regular Council meeting.

Learn more about our budget and finances

Read the 2017 Budget

Read the 2016 Budget

2017 Budget  (7.9 MB)

Budget highlights
 (240 KB)