According to Moody’s, “the action reflects Winnipeg’s improved financial picture as a result of on-going efforts to restore fiscal balance and rebuild cash reserves.”

“Our administration set as its goal the rebuilding of our city’s finances and winning back our double A credit rating from Moody’s Investors Service,” said Mayor Glen Murray. “Our self discipline in ending tax supported borrowing, rebuilding cash reserves, cutting taxes, and targeting resources on rebuilding our downtown have resulted in restoring our credit rating and financial health.”

In a release, Moody’s indicated that, “over the past several years, the City of Winnipeg has undertaken significant restructuring to restore fiscal stability. These efforts have enabled Winnipeg to post surpluses on a general government and consolidated basis for the past four years. These surpluses, in addition to other resources, have been used to restore the city’s cash reserves.”

Councillor Bill Clement, Chairperson, Standing Committee on Fiscal Issues said, “Our focus on long-term planning, along with the development of a revised financial management plan, and a commitment to the three year budget process, all within the framework of Council’s priorities, has gone a long way to convince Moody’s that the factors which influence our credit rating have significantly improved.”

With the upgrade to double A3(Aa3), the City of Winnipeg is in the same credit rating category with Moody’s as the Province of Manitoba and the Province of Ontario.