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City’s credit rating outlook upgraded by international agency

February 7 2017

“S&P’s favourable and upgraded credit rating to AAA is great news and confirms the City’s sound fiscal budgeting and strong financial management,” says Mayor Gregor Robertson.

Vancouver City Hall

Our credit rating has been upgraded to AAA (stable outlook) from AA+ (positive outlook) by international agency Standard and Poor’s Rating Service based on their assessment of the City’s strong financial management.

Vancouver’s economic strategy is working

“S&P’s favourable and upgraded credit rating to AAA is great news and confirms the City’s sound fiscal budgeting and strong financial management,” says Mayor Gregor Robertson.

“Council is committed to strong fiscal discipline and we’ve consistently delivered balanced, progressive budgets that are responsive to residents’ expectations that we deliver high quality services. S&P’s outlook confirms Vancouver’s economic strategy is working, at a time we’re acclaimed for having the fastest growing, most resilient, and most diverse economy in Canada.”

We are committed to fiscal discipline

The upgrade to AAA reflects the agency’s assessment of the City’s strong financial management translating to the City of Vancouver having a thorough and well-documented financial plan that provides stability through detailed operating and capital budgets that reflect goals defined in the city’s long-term strategic plan.

The report also cites that these measures are a sign of the city’s strong commitment to fiscal discipline and increases the City’s ability to follow financially sustainable policies. Further, the report references the City’s exceptional liquidity, very strong economy and budgetary performance as reasons for the ratings upgrade.

Our future outlook

The stable outlook reflects the agency’s expectation that in the next two years, Vancouver will continue to maintain:

  • Exceptional liquidity
  • Very strong budgetary performance
  • Low debt on the foundation of a solid economy 

At the same time, the agency affirmed its 'A-1+' short-term debt rating on the city.