City of Kingston maintains its AA+ credit rating with a stable outlook for a third consecutive year

For the third consecutive year, the City of Kingston has received a credit rating of AA+ with a stable outlook from Standard & Poor’s (S&P) Global Ratings.

“A strong credit rating is imperative for a city – it signifies our ability to meet financial obligations, showcases the strength of our fiscal policies, and speaks to our commitment to stability for the community,” says Mayor Bryan Paterson. “This credit rating sends a positive message to businesses looking for a place to grow that the City of Kingston is a good place to invest.”  

S&P Global Ratings is an independent company that assesses municipalities and other public and private corporations around the world, by evaluating their ability to meet financial obligations. Their report was the result of a thorough review of our local economy, as well as the City’s management and governance processes, fiscal position, financial management practices and budgetary performance. 

S&P’s report highlights Kingston’s diversified economy and robust population growth, along with strong political continuity and consensus in developing strategic priorities and passing budgets. The report also identifies the City’s strong corporate financial management practices, the use of four-year operating budgets and 15-year capital plans, as well as an experienced and qualified management team in place to enact financial policies. 

The AA+ (stable outlook) rating is the second-highest bond rating assigned by the agency.  

“The annual S&P credit rating is an important evaluation of our fiscal policies and practices. It is an objective assessment that demonstrates transparent financial practices and fiscal stewardship to Kingston taxpayers,” says Desiree Kennedy, Chief Financial Officer and City Treasurer. “The AA+ (stable outlook) rating assures residents that the City is financially sound and fiscally responsible, positioning us well as we face the growing financial pressures associated with inflation, population growth and infrastructure needs, and the impacts of homelessness, housing supply and climate change.”  

Kingston has received top grades from S&P Global Ratings for the past several years, including an upgrade from AA (Stable) to AA+ (Stable) in June 2022.