4 days ago
Edmonton gets an AA+ in credit
Edmonton's been rated by a financial analytic agency, and the city is doing better than ever before.
S&P Global, which assigns credit ratings to companies and countries, gave Edmonton an AA+, meaning that the city has strong 'financial health and creditworthiness.'
In a release, S&P said it's a stable outlook and an increase from an AA rating in 2024.
It improved, they said, based on the 'expectation that the city will maintain strong budgetary performance,' largely in part due to LRT construction projects winding down and stabilizing investments.
'Our upgraded AA+ rating speaks to the city's commitment to carefully and transparently managing taxpayer dollars,' said chief financial officer and deputy city manager Stacey Padbury in the release.
The agency also noted that the city has an experienced management team, strong policies and detailed long-term financial plans.
In a longer report, S&P wrote Edmonton's economy, albeit being largely in the energy sector, remains 'robust despite slower population growth.'
'We're continuing to use debt strategically to help us build and maintain the bridges, fire halls, LRT, libraries, roads and other infrastructure that Edmontonians need now as we grow,' Padbury said.
The agency said this rating will further help Edmonton get approved for long-term borrowing from the province at favourable rates.
