The City of North Bay announced it has maintained its Aa2 credit rating with Moody’s Investors Service, a rating that’s reflective of “prudent fiscal planning and stable operations” as well as North Bay’s diverse economy.
A city-issued news release said Moody’s recognizes the municipality’s ability to fund priority programs and infrastructure projects while recording a healthy balance sheet with solid liquidity.
The city’s debt remains below average in comparison to other Canadian municipalities rated by Moody’s, while debt service costs, measuring 7.1 per cent of total revenues, remain at a manageable level. Also highlighted in the report was the city’s use of “forward-looking budgeting practices,” its comprehensive, transparent, and timely financial reporting; and its stable and predictable revenue profile.
