Vancouver’s credit rating raised by S&P
Posted February 26, 2015 12:40 pm.
This article is more than 5 years old.
VANCOUVER (NEWS1130) – Standard & Poor’s has restored the City of Vancouver’s long-term credit rating to AA+, upping it one notch from AA.
It had been downgraded because the city took on the Olympic Village development but the debt was fully repaid in 2014, resulting in what S&P calls “the city’s significant decline in debt burden.”
The short-term rating is unchanged.
S&P says the ratings reflect Vancouver’s “exceptional liquidity, very strong economy, low debt burden and very strong budgetary performance.” But it adds that the rating is constrained by the city’s “strong, but somewhat limited, budgetary flexibility.”
S&P’s outlook for Vancouver has been lowered from “positive” to “stable,” but it also expects “the city will continue to produce very strong budgetary results” through 2017. The agency concludes “Vancouver demonstrates strong fiscal management.”
