City of Ottawa

This report does not constitute a rating action. Overview Credit context and assumptions Base-case expectations A large public sector and stable population growth will support long-term economic growth despite our expectation for slower growth in 2023 and 2024. Steady revenue growth will support healthy operating surpluses and stable overall budgetary performance. The City of Ottawa?s prudent financial management practices and robust operating and capital budgets help support its creditworthiness. Elevated capital spending will spur additional borrowing needs in the next several years, although revenue growth will keep the debt burden manageable. We believe the city's relationship with the Province of Ontario will remain extremely predictable and supportive. We expect liquidity will remain sufficient to meet debt service needs. S&P Global

...S&P Global Ratings' long-term issuer credit rating on the City of Ottawa is '##+'. We expect that Ottawa's high capital spending, particularly on generational transit expansion projects, will necessitate additional borrowing in the next several years. However, the city will generate stable revenue growth as its broad economy, grounded in a large, stable public sector, helps to insulate its finances through economic cycles. We believe that Ottawa's debt burden will remain...

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