City of Hamilton’s credit rating raised to 'AAA'

HAMILTON, ON - On June 1, 2022, S&P Global Ratings raised the City of Hamilton’s credit rating from ‘AA+’ to ‘AAA’ maintaining a stable outlook.

S&P Global Ratings (“S&P”) raised its ratings on 21 and affirmed its ratings on 13 Canadian municipalities. The actions are a result of S&P revising upward its assessment of the institutional framework for Canadian municipalities to “extremely predictable and supportive” from “very predictable and well-balanced”.

In the formal review of the Canadian municipal institutional framework, S&P’s upward revision reflects their assessment that Canadian municipalities have demonstrated resilient budgetary performance during 2008 financial crisis and, more recently, the COVID-19 pandemic. S&P noted that with support from upper levels of government during the pandemic, Canadian municipalities’ finances fared much better than expected in 2020 and into 2021 as the pandemic unfolded.

The City of Hamilton has achieved an ‘AA+’ credit rating and stable outlook each year since June 2017 when it received a credit rating upgrade from ‘AA’ to ‘AA+’.

As is done every year, S&P will undertake the annual review of the credit rating of City of Hamilton at AAA/Stable in fall 2022.