Moody's Grants Ottawa City AAA Credit Rating

October 7, 2008 12:15 p.m. EST

Ottawa, Ontario (AHN) - Moody's Investor Services gave Ottawa City another triple A rating, city treasurer Marian Simulik disclosed to councilors Tuesday morning.

The AAA rating is the highest given by Moody's based on a history of prudent financial management, low debt burden, strong cash position and stable economic base.

Aside from the Canadian capital city's strong fundamentals, Moody's cited the city's commitment to long-range financial planning, pay-as-you-go capital financing and reins on new tax-supported borrowing.

Simulik said Moody's observed Ottawa's outlook is stable and it expects the national capital city to manage its growth and associated challenges without a deterioration of its credit quality.

Standard & Poor's has an AA+ or stable rating for Ottawa.