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City’s AA+ rating lauded but not by mayoral candidate

The city is patting itself on the back for its good financial position after receiving a strong AA+ credit rating from Standards & Poor’s Rating Services.
“We are very pleased to see Guelph’s credit rating reaffirmed this year,” the city’s chief financial officer, Al Horsman, said in a news release.
“The AA+ rating reaffirms our belief that the city’s financial position remains very positive.”
According to the Standard & Poor’s Ratings Direct Research Update, the rating reflects the city’s “very strong economic fundamentals, budgetary flexibility, exceptional liquidity position and low debt burden,” the release said.
The rating, which might help lower the city’s borrowing rate, reflects the company’s view that Guelph has strong financial management.
That is shown in the city’s relatively low debt levels, strong liquidity and low level of contingent liabilities, it said.
“Seeing our credit rating continue to remain strong is good for our community and is a testament to council’s commitment to sound financial management policies and practices,” Mayor Karen Farbridge said in the release.
“It also reflects growing interest in Guelph from the investment and development sectors – an interest the city’s new Enterprise Services Division has helped drive.”
But at least one person doesn’t see the AA+ rating as good news.
When the rating was announced on Friday, Farbridge’s key opponent in the upcoming municipal election, Cam Guthrie, took to Twitter to lament that it wasn’t a better score.
“Once again Guelph fails to achieve AAA credit rating,” he tweeted. “It’s time for #ABetterGuelph on Oct 27th! #Guelph.”
Meanwhile, Guelph’s chief administrative officer Anne Pappert tweeted a dismissal of Guthrie’s concerns.
“Thrilled to see @cityofguelph S&P rating at AA+. Fiscal concerns of @CamGuthrie overblown,” she said.
When questioned by Guthrie on the partisan nature of the message, Pappert said it was another user’s message she had retweeted because it “commented positively on our good work on the credit rating.”
In the brief Twitter exchange between the two, Pappert apologized for appearing to play politics.
“Simply was not my intent and a mistake. My apology. I will add a note that RT doesn’t mean endorsement,” she said.
More information about Standards & Poor’s credit rating for Guelph is available on the company’s website at standardandpoors.com.
For more information on the city’s budget, visit guelph.ca/budget.

One Response to “City’s AA+ rating lauded but not by mayoral candidate”

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