BRIEF: City of Hamilton’s S&P Credit Rating Raised

The improved credit rating of the City of Hamilton will assist Hamiltonians by lowing the interest rates on the City’s debt and bonds.

The City uses debt and bonds to finance capital projects, such as service expansions for development.

In the City’s press release this morning, the City states “In the formal review of the Canadian municipal institutional framework, S&P’s upward revision reflects their assessment that Canadian municipalities have demonstrated resilient budgetary performance during 2008 financial crisis and, more recently, the COVID-19 pandemic. S&P noted that with support from upper levels of government during the pandemic, Canadian municipalities’ finances fared much better than expected in 2020 and into 2021 as the pandemic unfolded.”