Windsor Maintains 'AA' Credit Rating through Tough Year
The City of Windsor has maintained its AA credit rating from Standard and Poor's.
Chief Financial Officer and City Treasurer Joe Mancina says the rating is part of an annual third-party review that came out earlier this month that's given on a scale from A to AAA.
Mancina says the city is please it's able to maintain its standing through the COVID-19 pandemic.
"Every municipality faced a number of challenges, but we have been able to weather the storm with a strong fiscal profile," says Mancina.
He says the annual rating helps the city plan for the future.
"It reaffirms that the prudent fiscal planning that's taken place over the last number of years has really served the city well," he added.
The city's coming out of one of the toughest budget years in history, according to Mancina.
"Getting a AA rating, which is a very strong rating, gives us the reassurance that we're in strong financial health here at the City of Windsor," he says.
The report rated the city in eight areas on a scale from one to six, with one being the strongest score.
According to the report, the city's liquidity and debt burden are both at one — the economy, financial management and institutional framework is rated at two and budgetary performance for the City of Windsor is scored at three.
— with files from AM800's Kristylee Varley.