S&P Global reaffirms City of Toronto’s AA credit rating

S&P Global reaffirms City of Toronto’s AA credit rating

S&P Global, an international credit rating agency, has reaffirmed the City of Toronto’s AA credit rating with a positive outlook.

In reaffirming the City’s credit rating, S&P Global cited Toronto’s deep and diversified economy, and Council and senior leadership’s prudent financial management as the foundation of the City’s credit strength.

This is the City’s second credit rating affirmation from S&P Global this year and reflects the City’s prudent financial management, strong financial support from senior levels of government, and a deep and diversified economy – factors that have helped sustain its fiscal performance since the start of the pandemic.

Earlier this month, Moody’s Investors Service also reaffirmed the City’s Aa1 credit rating.

Despite the financial impact of the COVID-19 pandemic, the City continues to provide more than 150 services, many of which are available 24 hours a day, seven days a week. The City’s vast services keep neighbourhoods safe and vibrant, encourage business growth and investments, make Toronto welcoming for residents and visitors, and contribute to social, economic and climate resilience.

Maintaining a high-quality credit rating provides the City with access to lower long-term borrowing costs for infrastructure investments for communities such as affordable housing, community centres, roads, transit, wastewater and water. This ensures Toronto’s services for residents and businesses remain affordable and sustainable.

The City’s current credit ratings are:

  • S&P Global Ratings – AA (Positive), rating: 2001 to Present
  • Moody’s Investors Services – Aa1 (Stable), rating and outlook: 2002 to Present
  • DBRS Morningstar – AA (Stable), rating and outlook: 2002 to Present


“We have worked hard since the start of the COVID-19 pandemic to partner with other orders of government to secure the support needed and continue to provide and protect important services. I’m confident that with continued partnerships and responsible governance, including the prudent financial management we have demonstrated throughout the last eight years, Toronto will recover from this pandemic and come back stronger than ever before.”

– Mayor John Tory

“The City has continued our prudent financial management to protect important services and fund key initiatives that residents and businesses rely upon. These credit ratings demonstrate continued confidence in Toronto and its finances.”

– Heather Taylor, Chief Financial Officer & Treasurer