Guelph’s credit rating upgraded to AAA, the highest rating a municipality can receive

The City of Guelph’s credit rating has been upgraded to AAA by S&P Global after a periodic review of S&Ps institutional framework used for credit rating analysis. The City must still go through its formal 2022 Credit Rating Review with S&P this August. 

“An upgrade to our credit rating is always good news and an AAA rating is the highest rating a municipality can receive,” says Tara Baker, City Treasurer and General Manager of Finance. “We look forward to having this newly upgraded rating reaffirmed as part of our annual credit rating review later this year.” 

S&P Global is an independent company that looks at corporations globally and analyses their capacity to meet financial obligations. The City of Guelph is one of 21 municipalities that received an upward revision to its credit rating as a result of S&Ps institutional framework assessment, while 13 other Canadian municipalities saw current ratings reaffirmed.  

“We know that Guelph is well-positioned to stay financially stable due to prudent financial management that allowed us to weather the challenges of the pandemic and positions us well to manage the inflationary pressures now facing economies across the globe,” says Trevor Lee, Deputy CAO, Corporate Services. 

According to S&P Global’s news release, “Canadian municipalities have demonstrated resilient budgetary performance over the years, including during the dual economic and fiscal shocks of the 2008 financial crisis and more recently the COVID-19 pandemic.” 

About S&P Global Ratings
S&P Global Ratings is a leader in independent credit risk research and market intelligence including credit ratings, research, and thought leadership. It has offices in 26 countries and more than 150 years of experience. 

Media contact 

Tara Baker, City Treasurer and General Manager
City of Guelph
519-822-1260 extension 2084
[email protected]