The City of Vancouver’s AAA debt rating was affirmed yesterday by Moody’s Investors Service and the City’s debt rating outlook was upgraded to stable.
“Moody’s upgrade of Vancouver’s debt rating outlook is great news for our city’s financial position and the strength of Vancouver’s growing economy,” said Vancouver Mayor Gregor Robertson. “The affirmed Aaa rating is important further evidence of our commitment to strong business discipline at City Hall, with low taxes and smart investments in the programs and services that Vancouver residents rely on.”
The upgrade reflects Moody’s assessment that Vancouver will maintain a reduced debt burden and strengthened liquidity profile in the next few years following the repayment of the remaining Olympic-related debt in 2014. Last month, Vancouver’s credit rating was upgraded from AA to AA+ by Standard and Poor’s Ratings Services, with a stable outlook, indicating a low debt burden and very strong budgetary performance.
Earlier this month, City Council approved the City of Vancouver’s 2015 Budget, after receiving feedback from the public.