Financial Performance & Credit Rating

UPDATE: January 15, 2025:  S&P Global (S & P) has reaffirmed the City of Saskatoon’s credit rating as the highest rating possible, a ‘AAA’ credit rating with a “stable” outlook. The City has retained the ‘AAA’/Stable credit rating for twenty-three years since S&P first began affirming the City’s credit ratings in 2002.

Maintaining the top 'AAA' credit rating through continued impacts of the pandemic and global pressures is a testament to the City of Saskatoon's strong financial management and adaptability. 

S&P’s rationale and outlook contributing to the confirmation of the City’s strong credit rating within the January 15, 2025, S&P Global Ratings Direct® Report states:

• Saskatoon’s small, diverse economy and strong population growth will support its creditworthiness.” 

• “We expect the City’s strong financial management, coupled with an extremely predictable and supportive institutional framework, will support the rating.”  

• “Saskatoon’s strong and prudent financial management is a key credit strength, in our view. Although the recent municipal elections resulted in a historic turnover among council, the city’s administration remains largely stable, with significant experience and a record of effectively enacting fiscal policies.”  

• “We view both management accountability and transparency to be strong, as reflected in ongoing disclosures and grounded assumptions, as well as prudent financial policies.” 

• “The City consistently produces robust annual budget documents. It also prepares multi-year operating and capital budgets for upcoming years, alongside comprehensive long-term capital and borrowing plans. This underpins fiscal transparency and discipline, in our assessment.” 

Having a reaffirmed “AAA”/Stable Outlook credit rating allows the City to borrow at the lowest possible interest rates as the City is seen as an organization that has an extremely strong capacity to meet financial commitments in full, and on time.  News Release January 15, 2025

ARCHIVE: Previous S&P Global Ratings Analysis Reports/Updates

 January 15, 2024: S & P Global Ratings Credit Report
 S & P Global Ratings Research Report: December 6, 2023

 January 19, 2023, S&P Global Ratings Summary Analysis Report City of Saskatoon
 January 18, 2022, S&P Global Ratings Summary Analysis Report City of Saskatoon

 S&P Global Ratings Research Update January 2021 "Prudent financial management practices will support the City of Saskatoon's creditworthiness"
 S&P Global Ratings Research Update February 2020  "City of Saskatoon Ratings Affirmed at 'AAA'; Outlook Remains Stable"
 S&P Global Ratings  Research Update January 2019 AAA Report for Saskatoon
 S&P Global Ratings Research Update January 2018 AAA Report for Saskatoon