Moody’s Investors Services says that the City of North Bay’s credit rating remains consistent at Aa2 with a stable outlook according to a news release from Mayor Al McDonald.
It's the same credit rating as last year.
See: Moody's says North Bay credit rating remains consistent
McDonald says, according to Moody’s, "the City’s prudent and forward-looking approach to fiscal planning enables the City to routinely generate positive operating results. The City effectively uses forward-looking budgeting techniques to align fiscal policies with long-term planning and is able to identify and address concerns quickly through the use of strong financial reporting practices."
There is no link to the report, however Deanna Kelusky, Administrative Assistant told BayToday that, "The report is available for the public to come into City Hall and read; however, due to our contract with Moody’s we are unable to distribute the document and it will not be posted on our website."
But you can read the report on Moody’s website for a fee and is now available.
“Our ability to make use of these forward-thinking approaches has been a contributing factor in our capacity to withstand ever-increasing operating and capital pressures to-date,” said McDonald.
"The rating not only reflects the City’s consistently positive operating outcomes, it also considers the City’s focus on ensuring that debt levels and debt servicing costs remain manageable. North Bay’s net direct and indirect debt remains below the average for Moody’s rated Canadian municipalities."
This year's news release makes no mention of last year's comment "that Moody’s will continue to monitor the long term planning developments of the City over the next several years for the creation of a long term sustainable plan to address the ongoing pressures facing the municipality."
But McDonald does note that, "While operating and capital pressures are anticipated to remain in the coming years, McDonald is confident that the use of the City’s robust planning tools, along with ongoing efforts to find innovative and cost effective solutions, will ensure that the City continues to deliver the same level of service that residents have come to expect."
