Rating agency gives credit to City of Vancouver for handling of finances
Normally, governments release bad news on a Friday afternoon because it's more likely to be overlooked by the public.
But in a strange twist, the City of Vancouver did the opposite today.
It announced that Standard & Poor's Ratings Service had improved the city's credit-rating outlook for its long-term debt from "stable" to "positive". This new characterization applies to both Canadian and foreign-currency liabilities.
The long-term credit rating remains at AA+. The agency issued that assessment last year after the city had reduced its Olympic-related debt.
“Standard & Poor’s upgrade of Vancouver’s credit outlook is further validation of City Hall's continued commitment to fiscal discipline and value for residents,” Vancouver mayor Gregor Robertson said in a news release. “Coupled with Vancouver’s nation-leading economic growth, this record of responsibility is enabling us to keep taxes low while providing the programs and services Vancouver citizens rely on.”
The B.C. government has a triple-A credit rating.
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