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Thursday, February 27, 2014

City of Windsor financial rating affirmed at healthy 'AA'

Source: OurWindsor.ca

Standard & Poor's Rating Service cites city's low debt for strong rating

OurWindsor.Ca -- Financial ratings agency Standard & Poor's has affirmed the City of Windsor's rating at a strong 'AA', indicative of the city's improving economy.

A published assessment of the city's finances on the S&P website reads: "In our view, Windsor demonstrates sound financial management, which has a positive impact on its credit profile."

Factors also taken into consideration in the rating were the city's very low debt burden, very positive liquidity, healthy budgetary performance, and positive management.
The rating rationale did also note other economic factors that, in S&P's view, mitigate Windsor's strengths. These included "the city's economy, which has a relatively higher industry concentration in the manufacturing sector, and somewhat limited budgetary flexibility."

In a statement released by the City of Windsor today, Mayor Eddie Francis welcomed the positive rating.

"Consistent affirmation from S&P in recent years is a testament to the hard work and financial prudence of both City Council and our municipal administration," said Francis. "The optimistic outlook conveyed in the S&P report is certainly one we share as we move forward along our charted course."

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