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City of Toronto Media Relations has issued the following:
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News Release

October 23, 2024

S&P Global raises City of Toronto’s credit rating to AA+ for the first time in more than two decades

S&P Global, an international credit rating agency, has raised the City of Toronto’s credit rating from AA to AA+ .

The previous AA rating had been maintained for 23 years. The City last achieved an AA+ rating from S&P Global from 1992 to 2001.

When increasing the City’s credit rating, S&P Global cited the strong direction provided by Toronto City Council through the Updated Long Term Financial Plan and the City’s prudent financial management, new multi-year approach to budgeting and commitment to sustainably funding operating and capital needs, along with the robust reserves available to support those investments. Learn more about the Updated Long Term Financial Plan on the City’s website: https://secure.toronto.ca/council/agenda-item.do?item=2023.EX7.1

The rating increase is also attributed to the strong financial support that the City has received from other orders of government including the Ontario-Toronto New Deal which, among other commitments, will upload the F.G. Gardiner Expressway and the Don Valley Parkway unlocking approximately $1.9 billion over the next decade for investment into priorities such as transit and housing. Learn more about the Ontario-Toronto New Deal on the City’s website: https://www.toronto.ca/news/city-of-toronto-and-province-of-ontario-announce-update-for-gardiner-expressway-acceleration-and-reallocation-of-funds-as-part-of-the-ontario-toronto-new-deal/.

Maintaining a high-quality credit rating provides the City with access to lower long-term borrowing costs for investments in infrastructure such as affordable housing, transit, community centres, roads, wastewater and water. This ensures Toronto’s services for residents and businesses remain affordable and sustainable.

The City’s current credit ratings are:
• S&P Global Ratings – AA+ (Stable), rating: October 22 to Present
• Moody’s Investors Services – Aa1 (Stable), rating and outlook: 2002 to Present
• DBRS Morningstar – AA (Stable), rating and outlook: 2002 to Present

Quotes:

A year ago, our city faced a number of financial challenges, and a $1.8 billion budget hole required us to make some tough choices, while protecting the services people rely on. Just one year later, I’m proud to celebrate this impressive milestone as it’s a strong endorsement of the steps we’re taking to get our city’s finances back on track. Implementing the Long-Term Financial Plan, landing a New Deal with the province, and building strong partnerships with the Federal government on things like housing and transit to get us here has been a team effort. I want to thank our budget chair, Shelley Carroll, CFO Steven Conforti, the members of the budget committee and all members of council for working together to help put our city on stronger financial footing. We still have more work to do, but today’s news shows we’re moving in the right direction.”
- Mayor Olivia Chow

“Our new multi-year approach to budgeting, the leadership of Council to make the tough decisions, and the prudent financial management of senior staff have led to this achievement that ultimately reduces our borrowing costs to maintain and build the infrastructure needed for the services people rely upon every day.”
- Councillor Shelley Carroll (Don Valley North), Budget Committee Chair

“The credit rating increase from S&P Global demonstrates an increased confidence in Toronto’s finances and the work that we’ve done to build a strong financial future. Council’s leadership on the Updated Long Term Financial Plan, our multi-year approach to budgeting and the Ontario-Toronto New Deal have all contributed to this improved rating that will allow us to continue to invest in the services and infrastructure that Toronto residents and business need.”
– Stephen Conforti, Chief Financial Officer & Treasurer

Toronto is home to more than three million people whose diversity and experiences make this great city Canada’s leading economic engine and one of the world’s most diverse and livable cities. As the fourth largest city in North America, Toronto is a global leader in technology, finance, film, music, culture, innovation and climate action, and consistently places at the top of international rankings due to investments championed by its government, residents and businesses. For more information visit www.toronto.ca or follow us on X at x.com/cityoftoronto, on Instagram at www.instagram.com/cityofto or on Facebook at www.facebook.com/cityofto.

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Media contact: Media Relations, media@toronto.ca


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