July 24, 2025
On July 22, 2025, S&P Global (S&P) raised its ratings for the City of Edmonton, including its long-term issuer credit and senior unsecured debt ratings, to AA+ from AA in 2024. The credit rating agency also affirmed its ‘A-1+’ short-term rating and A-1(High) Canada scale commercial paper rating. S&P’s outlook is stable for the City.
The City’s credit rating improved on the expectation that the City will maintain strong budgetary performance as several major LRT construction projects wind down and capital investment stabilizes. In addition, strong management and capital support from senior levels of government will help reduce the requirement for new debt.
“Our upgraded AA+ rating speaks to the City’s commitment to carefully and transparently managing taxpayer dollars,” said Stacey Padbury, Chief Financial Officer and Deputy City Manager, Financial and Corporate Services. “We’re continuing to use debt strategically to help us build and maintain the bridges, fire halls, LRT, libraries, roads and other infrastructure that Edmontonians need now and as we grow.”
The stable outlook reflects S&P’s expectations that the City will continue to manage its finances prudently and that Edmonton’s economy will remain steady in spite of increased uncertainty due to international trade disputes. The agency also noted that the City benefits from an experienced management team, strong financial policies, detailed long-term financial plans and transparent finances.
“We expect that Edmonton will maintain strong budgetary performance,” said S&P in its recently released annual ratings report on the City. “Furthermore, Edmonton’s robust liquidity position and strong institutional framework will continue to support the City’s creditworthiness.”
A strong credit rating validates the City of Edmonton's financial health and creditworthiness. It helps with the City's access to long-term borrowing from the Province of Alberta for infrastructure financing, at more favorable rates than those available in private markets. Additionally, credit rating agencies serve as an independent source of financial performance measurement and accountability. The AA+ credit rating confirms that the City is managing its finances prudently and has the capacity to meet its financial commitments.
