Standard and Poor’s affirms City of Hamilton’s ‘AA’ Credit Rating
Hamilton, ON - July 15, 2016 - The City of Hamilton is pleased to announce that on July 13, 2016, Standard and Poor’s (S&P) Global Ratings published a summary of their recent research update on the City of Hamilton that affirmed the City’s credit rating of ‘AA’, and revised the rating outlook from stable to positive.
The ‘AA’ credit rating and positive outlook reflects S&P’s assessment of their rating factors for the City including very strong economy, exceptional liquidity, strong financial management, and very low debt burden. Since 2009, the City has maintained an ‘AA’ credit rating.
“There are a number of contributing factors to this positive rating; Hamilton has a stable and diversified economy, strong financial management practices, and fiscal responsibility”, said Mayor Fred Eisenberger. “Thank you to staff in helping to achieve this positive rating; we will strive to continue on this path of improving our communities in a more sustainable way”.
“The fact that Hamilton’s outlook has been revised from stable to positive in 2016, confirms our commitment to focus on financial sustainability, prudent budget practices, and a low debt burden”, said General Manager of Finance and Corporate Services, Mike Zegarac. “We are pleased with this year’s Standard and Poor’s rating and outlook”.