City of Hamilton has ‘relatively stable debt burden’ after AAA credit rating from S&P
Published October 28, 2022 at 12:42 pm
The City of Hamilton officially received a AAA credit rating — the highest possible — as part of the annual credit rating review released by S&P Global Ratings.
Last year, Hamilton was given an AA+ rating.
The upgraded rating follows the revision of the Canadian municipal institutional framework assessment, where Hamilton went from “very predictable and well-balanced” to “extremely supportive and predictable.”
“In the face of rising interest rates, inflation and ongoing pandemic recovery pressures, Hamilton’s upgraded credit rating and stable outlook by S&P Global Ratings shows that the City’s fiscal management is as strong as ever,” issued Mayor Fred Eisenberger. “The City is exercising prudent financial and budgetary planning so that we can continue to provide the services, programs and infrastructure that our community relies on now and for years to come.”
In the published report, S&P said that over its forecast period from 2022 to 2024, it expects Hamilton to have “a relatively stable debt burden and to continue to implement prudent long-term financial planning policies, which would lead to strong budgetary performance.”
The report also suggests that Hamilton continues to “show characteristics of a resilient economy, including diversification and continues to have liquidity as a key strength.”