The City of Guelph since the launch of its Guelph. Future Ready Strategic Plan 2019 – 2023, has met its key performance indicator of achieving a AA+ or better credit rating. In 2022, the City improved its credit rating from AA+ to AAA (triple A), the highest possible available credit rating according to S&P. This rating was re-affirmed in 2023. It shows sustained exceptional fiscal management. It gives access to the best interest rates in the debt market.
S&P is a global leader in independent credit risk research and evaluation. The City of Guelph was successful in its evaluation due to its multi-year budget planning, healthy debt management, and strong local economy. The City achieved this through well-rounded fiscal practices, despite the growing pressure of inflation and a capital backlog.
This credit rating not only allows for an adaptable budget in the present but also to be in a position of readiness for both expected and unexpected economic challenges ahead.
A triple A score allows borrowing to occur at a lower cost, which will become even more important as the City plans to issue debt annually beginning in 2025 to fund its capital plan in alignment with the Debt Strategy published with the 2024 – 2027 multi-year budget.
