Sudbury has earned its first ‘AA’ credit rating from financial services company Standard & Poor’s.
The company cited Sudbury’s “stable outlook” as a driver of the rating.
According to a statement from the city, the credit rating is a “professional opinion based on in-depth analysis of [Sudbury’s] historical financial performance, policies and long-term plans.”
Mayor Brian Bigger said the rating will help the city secure lower interest rates when seeking funds.
“The City of Greater Sudbury continues to invest in our citizen’s quality of life and is working to reduce the infrastructure gap,” Bigger said. “This rating will allow us to access some of the lowest interest rates available, funding our transformational projects aimed at growing our community and creating jobs.”
The city currently has three major projects in development: an events centre on the Kingsway, “the Junction,” a downtown arts destination, and cultural centre Places des Arts.
The estimated price tag on the Kingsway project alone is over $100-million.
The city also explained that the “stable outlook” reflects S&P’s expectation that Sudbury’s economy will continue to grow throughout the next two years and it will continue to follow its long term financial plan.