Windsor maintains ‘AA’ credit rating
Sunday, February 17, 2019
The City of Windsor is having no trouble meeting its financial obligations, according to Standard and Poors.
S&P, the financial service and analysis company, has listed its long-term issuer credit and senior unsecured debt rating as “AA”. This is the 13th year in a row that Windsor’s credit has been at this rating.
According to S&P, Windsor is maintaining its current rating due to what they call “prudent and well defined financial policies and a formal long-term plan with a focus on financial sustainability and reduced reliance on debt funding.
The city’s continuing ability to keep debt from rising also has the attention of S&P, which predicted a stable financial outlook for Windsor. Windsor City Council passed budgets without tax increases each year between 2008 and 2016. Modest increases came in 2017 and 2018 but they were under the rate of inflation.
“In the next two years, the city’s healthy budgetary results will help Windsor fund its capital projects as it continues to pay down its tax-supported debt burden,” S&P said in a news release.
Mayor Drew Dilkens praised the city’s administration for its ability to maintain its credit rating while trying to diversify the city’s economy.
“The independent rating further affirms that City Council’s sound fiscal policies and drive towards economic diversity have provided a strong financial profile and flexibility to further develop our community,” said Dilkens.