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Financial Performance & Credit Rating

UPDATE: January 15, 2024:  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-two 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. Saskatoon is one of three cities in Canada to hold the AAA/Stable credit rating, as detailed in this S & P Global Ratings Research Report Chart, December 6, 2023, 'Canadian Municipalities Ratings and Key Assessment Factors.'

S&P’s rationale and outlook contributing to the confirmation of the City’s strong credit rating within the January 15, 2024, S&P Global Ratings Direct® Report states:

  • The City “will continue to benefit from a strong and diverse economy that supports budgetary performance, keeping debt issuance manageable and maintaining an exceptional level of liquidity.”
     
  • “We expect Saskatoon's strong and stable economy, coupled with a growing population and upcoming tax adjustments, will result in healthy operating balances throughout the outlook horizon.”
  • “Saskatoon's strong and prudent financial management is a key credit strength, in our view. The City's management team is experienced and qualified to effectively enact fiscal policies and navigate external risks. Good political consensus is demonstrated by a long track record of passing budgets before the start of the fiscal year with minimal variations from projected revenues and expenses.”
  • “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.  January 15, 2024 News Release

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

 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