#CityofToronto, #Moody'sInvestorsService, #JohnTory, #GaryCrawford, #JoeFarag
Toronto, Apr 23 (Canadian-Media): City of Toronto Media Relations has issued News release today to reaffirm City of Toronto's Aa1 credit from , media reports said.
City of Toronto's credit rating of Aa1 with a stable outlook was reaffirmed by the international bond credit rating firm Moody's Investors Service (MIS), which reflects Moody's assessment of the macroeconomic and funding linkages between the Province of Ontario and its regional and local governments and government-related issuers.
MIS is the bond credit rating business of Moody's Corporation, representing the company's traditional line of business and its historical name and provides international financial research on bonds issued by commercial and government entities.
The City's strong credit ratings are also a reflection of its consistently positive operating results, relatively high liquidity/cash reserves, low debt burden as well as conservative debt policies.
The City of Toronto's AA/AA+ credit ratings are backed by the most diversified economy in Canada and a broad and stable tax base.
"Toronto continues to be a solid investment in global markets," said Toronto Mayor John Tory. "The City is on stable financial footing thanks to the good work of this City Council and our professional City staff. Over the last four budgets, we have limited property tax increases to at or below the rate of inflation while investing in important services that our residents expect and key initiatives that keep life in Toronto affordable."
"Toronto's economic size, diversity, and vitality provide for an increasing degree of fiscal independence from the Province and have ensured that the City's credit rating remains strong," said Councillor Gary Crawford (Ward 36 Scarborough Southwest), Chair of the Budget Committee. "I'm proud to be part of the steady leadership of Mayor Tory's administration that has produced four balanced budgets and maintained our City's excellent credit rating."
"The City of Toronto is recognized as an important participant in global financial markets," said Interim Chief Financial Officer Joe Farag. "Maintaining a high quality credit rating will enable the City to continue to borrow at a lower cost and offer its debt to a wider market."