After achieving low levels of debt and high levels of cash and investments, Moody's Investor Services has rated Toronto's credit AA1, which forced the Mayor to interrupt a council meeting to announce this news.
On Thursday, Moody’s Investor Services rated the city of Toronto’s credit rating as AA1 because of their low debt and high levels of investments throughout the city, according to the National Post.
The positive news from Moody’s prompted Mayor David Miller to interrupt a city council meeting and make note of this. The Mayor, who is also publishing a book this summer, gave his staff the credit and added that it’s “extraordinary” to achieve and receive this rating in the middle of a recession, reports the Toronto Sun.
“I think it is extremely important for members of council to know the premier rating service in the world recognizes this government’s strong fiscal position, this government’s strong fiscal management and the terrific work that our staff do every day to ensure that we are managed to the highest level in the world,” said Miller after interrupting a city council meeting.
Toronto posted a $350 million operating surplus last year, including $100 million found after the city’s budget had been announced. Moody’s further added that Toronto’s large economy and positive operating results were also a contributing factor for its strong credit rating.