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City's economy "very strong" & debt burden "very low": Report

posted by The Mortgage Associates    |   February 10, 2015 08:38

City's economy "very strong" & debt reduction "very low" : Report

News Release, City of Saskatoon, February 9, 2015

"The Standing Policy Committee on Finance today received a report reaffirming the City’s AAA/Stable Outlook credit rating. The report also includes some key factors international bond rating agency Standard & Poor’s (S & P) applies to award such a rating.

The Administration addressed questions from the committee about whether S & P had cautioned the City in its rating report.

“Our citizens need to know this is a very positive piece of news,” says Chief Financial Officer Kerry Tarasoff. “Despite a perception S & P may have cautioned the City over its debt load, the agency has not issued any warning.”

“We have a triple-A rating with a stable outlook which is a fantastic achievement and consistent with our past ratings,” Tarasoff says.

The report outlines S & P’s Ratings Score Snapshot in which the bond raters say Saskatoon has a very strong economy, very strong budgetary flexibility, strong budgetary performance, strong financial management, “exceptional” liquidity with a debt burden rating of “very low.”"

Click here to view the full News Release.