Laval is holding on to its “AA” credit rating from S&P Global with a stable outlook, and the best rating for a municipality in Quebec.
Filed on November 21, 2019, this rating builds on the city’s continuity to maintain a level of spending over the next 2 years that will meet local growth without creating additional budget pressure and maintaining liquidity at a healthy level for the City says a city announcement.
“This rating reflects creative, strategic and concerted efforts between the city council and the administration to make Laval a prosperous and responsible city in its management of public funds” says Mayor Marc Demers. “We will continue to work for all Lavallois and listen to their needs. We have a duty to implement projects and investments that take into account citizens’ ability to pay and provide them with a sustainable, safe and vibrant and healthy city.”
Despite the news that city finances are stable and opposition calls for tax relief the city has opted to maintain well-funded reserves. The S&P Global rating demonstrates, according to the administration, that the city has the ability to meet its commitments while ensuring that its debt levels remain predictable and under control.