S&P Global Ratings is cautioning that increasing the city’s debt burden over 30 per cent of operating revenues could adversely affect our credit rating
Taking note of what it terms the "high institutional stability" of senior levels of government, credit analyst S&P Global Ratings is maintaining the City of Sault Ste. Marie's credit rating at AA+ .
"Most recently through the pandemic, senior levels of government provided operating and transit-related grants to municipalities, in addition to direct support to individuals and businesses," Rivers reported. "A credit rating is a neutral third party assessment of the financial health of the city and reflects how well an organization is managed financially, the current state of the local economy and the local government framework," says Shelley Schell, the city's treasurer and chief financial officer, in a report prepared for Monday's city council meeting.