Good news for the city’s credit rating.

Moody’s Investors Services says it remains consistent at Aa2 with a stable outlook.

They say the City’s prudent and forward looking approach to fiscal planning enables the City to routinely generate positive operating results.

Moody’s goes on to say the City effectively uses forward looking budgeting techniques to align fiscal policies with long-term planning and is able to identify and address concerns quickly through the use of strong financial reporting practices.

“Our ability to make use of these forward thinking approaches has been a contributing factor in our capacity to withstand ever increasing operating and capital pressures to-date,” said Mayor Al McDonald.

The rating not only reflects the City’s consistent positive operating outcomes, it also considers the City’s focus on ensuring that debt levels and debt servicing costs remain manageable.

North Bay’s net direct and indirect debt remains below the average for Moody’s rated Canadian municipalities.

Filed under: City of North Bay