On October 23, 2024, S&P Global announced a significant upgrade to the City of Toronto's credit rating, raising it from AA to AA+. This marks the first increase in over 20 years, as the city had maintained its previous AA rating since 2001 [4fa26777].
The upgrade is attributed to the Toronto City Council's Updated Long Term Financial Plan, which emphasizes prudent financial management and robust government support. Notably, the Ontario-Toronto New Deal is set to provide $1.9 billion over the next decade, further bolstering the city's financial stability [4fa26777].
Mayor Olivia Chow and Councillor Shelley Carroll praised the teamwork and strategic financial planning that led to this achievement, highlighting the importance of collaboration in enhancing the city's fiscal health [4fa26777].
In the broader context of credit ratings, Finland's long-term debt rating remains at 'AA+' as of October 26, 2024, reflecting a stable economic outlook despite demographic challenges [232177fe]. Meanwhile, Oman regained its investment-grade rating from S&P, upgraded to 'BBB-' on September 27, 2024, after improvements in public finances [903a4605].
These developments illustrate a diverse landscape of credit ratings across different regions, with Toronto's recent upgrade showcasing effective local governance and financial management amidst varying economic conditions globally.