Media Release
City of Hamilton’s credit rating 'AAA' confirmed
HAMILTON, ON - On October 13, 2022, S&P Global Ratings released its credit rating for the City of Hamilton at ‘AAA’ with a stable outlook as part of its annual credit rating review.
The rating of ‘AAA’ is the highest possible rating on S&P Global Ratings’ rating scale. Earlier this year, on June 1, 2022, S&P Global Ratings had raised its rating on the City of Hamilton to ‘AAA’ from ‘AA+’ following the revision of the Canadian municipal institutional framework assessment to extremely supportive and predictable from very predictable and well-balanced.
In the published report, the rating agency said that over its forecast period from 2022 to 2024, it expects the City to have a relatively stable debt burden and to continue to implement prudent long-term financial planning policies which would lead to strong budgetary performance.
S&P Global Ratings cite that Hamilton continues to show characteristics of a resilient economy, including diversification and continues to have liquidity as a key strength.
“In the face of rising interest rates, inflation and ongoing pandemic recovery pressures, Hamilton's upgraded credit rating and stable outlook by S&P Global Ratings shows that the City’s fiscal management is as strong as ever. The City is exercising prudent financial and budgetary planning so that we can continue to provide the services, programs and infrastructure that our community relies on now and for years to come.”
Mayor Fred Eisenberger
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