Greater Sudbury has seen its credit rating go from an AA to an AA+ according to Standard & Poor's Global Ratings (S&P).
It comes after a review of the benchmarks that S&P uses for analyzing institutional credit ratings. Greater Sudbury was one of 21 municipalities to get an upgrade, alongside Sault Ste. Marie.
It comes after two high-profile bond issuances, including one before COVID-19 where the city secured a low-interest, $200 million bond to fund capital projects that include the Kingsway Entertainment District.
Ward 7 Coun. Mike Jakubo, who chairs the city's finance committee, said the new rating good news for the city as a whole.
"The city got one of the lowest rates in history for a municipality," Jakubo said.
"More recently, when we went out for a $100 million bond issuance and then again got another competitive interest rate, so much so, that we've had other municipalities contacting us to see if we'd be able to lend them some of our money that we got."
"I am proud that we have earned an improved credit rating of AA+," said Mayor Brian Bigger in a release. "This is reflective of the commitment made by our city council to implement forward-thinking policies."
North Bay gets a credit rating from Moody's, and remains at AA, while Timmins doesn't have a credit rating.
S&P Global will complete its annual review process in August of this year with the 2022 credit rating report expected in the fall.
