This article written in french by Stéphane St-Amour was automatically translated using AI
The American rating agency S&P Global Ratings has renewed Laval’s “AA+” credit rating for the fourth consecutive year.
This is the best rating granted to any municipality in Quebec, reflecting sound financial management and a strong economic position.
For Mayor Stéphane Boyer, this rating demonstrates responsible public financial management that “allows us to provide high-quality municipal services to residents while also investing in transformative infrastructure for the future,” he stated in a press release on November 20.
Moreover, the agency forecasts stable prospects for Laval, despite a global economic climate marked by uncertainty, the City highlighted.
Excerpts
Here are three excerpts from the seven-page report published by S&P Global Ratings on November 20:
- Despite the projected increase in Laval’s debt, we anticipate that the City will maintain sufficient liquidity to meet future debt service needs.
- The stable outlook reflects our expectation that Laval’s tax base will continue to support the city’s operational performance, maintaining stable liquidity and keeping its debt burden manageable.
- We forecast that during the period covered by the prospective analysis, Laval will continue to generate stable tax revenues from its property base, more than sufficient to offset expenditures.
As part of this annual credit rating evaluation process, the City of Laval indicated that it submitted to the rating agency its forecasts for the current fiscal year (2024), as well as preliminary versions of the operating budget for the upcoming year and the three-year capital program (PTI 2025-2027), which was adopted on November 13.
“The S&P Global Ratings report published on November 20, 2024, reflects the agency’s expectations for the most likely scenario for 2024, 2025, and 2026,” clarified Carolanne L. Gagnon, Public Affairs Advisor for the City, in an email.
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