Standard and Poor's gives Windsor AA bond rating
Standard and Poor's has affirmed the City of Windsor's bond rating at double-A.
It says the city has a very strong financial risk profile.
The financial agency said Windsor's low debt burden, robust liquidity and healthy budgetary performance are the reasons for the rating.
Mayor Eddie Francis said the good rating shows council is on the right track.
"The outlook is stable and positive and reflects their expectations that we continue doing what we're doing," Francis said. "Our financial house, as they've commented on, is in order. It's strong. We've reduced debt. We've increased our reserves. We're spending on capital, and financially, we're performing like a business."
The higher the bond rating a municipality has, the lower the interest it's charged for borrowing.
The city is looking at not having a tax increase for the fifth consecutive year.
"The one thing they did comment on, which I certainly agree with, is that, although we've done a lot of work on diversifying the economy, there's a lot of work that needs to continue," Francis said. "Our focus continues to be jobs and the economy and diversifying the economic base. Attracting jobs will continue to be the focus for 2013 for this council."