June 5, 2022 6:05am
The City of Windsor’s recent performance on the books has gotten notice from a prominent financial rating service.
Windsor’s credit rating has been raised to AA+, the second-highest classification by the Standard and Poor’s (S&P) Rating Services. The rating adjustment is part of the S&P assessment of the Institutional Framework for Canadian Municipalities.
“The last time our credit rating was adjusted was 2007, which goes to show you how rigorous and significant this upgrade is,” said Mayor Drew Dilkens in a media release. “Our practice of fiscal prudence and responsible investment is paying off, and I’m grateful to the administration and City Council for making the difficult decisions required to secure this very positive independent rating.”
The rating increase, according to the City’s most recent S&P debt rating, showed that Windsor’s “prudent and forward-looking financial management practices will support the City’s strong budgetary results.”
The City is in the process of completing its annual review by S&P, with the results expected to be released later this summer.