Mayor Katz leads financial delegation to New York City
Presentation will highlight back to basics focus at city hall
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WINNIPEG - SEPTEMBER 21, 2005 - Mayor Sam Katz and senior officials from the City of Winnipeg will travel to New York City today to meet with staff from major credit rating agencies to highlight continued success in tackling the city’s long term debt challenges.
"Changes to credit ratings can mean millions for our bottom line and have a major impact on how we are able to tackle our infrastructure deficit in the future,” said Katz. “We are paying more to the debt markets than we are to actually fix our crumbling streets and bridges – in the neighourhood of $60 million this year alone. This is a major opportunity to highlight how Winnipeg is on the right track. We continue to focus our efforts on pay-as-you-go financing for long-term capital projects."
Mayor Katz will be joined by CAO Annitta L. Stenning and CFO Bob Gannon, as well as senior officials from Winnipeg’s corporate finance department. They will make presentations to representatives of both Moody’s and Standard & Poor’s. Winnipeg is currently rated Aa2 with Moody’s and AA with Standard & Poor’s, both a solid reflection of the progress the city has made.
“We are working to close our infrastructure deficit, but these presentations serve as a reminder of how Winnipeg has to continue to live within its means,” said Katz, noting that as of December 31, 2004, the City of Winnipeg had net outstanding debt of $428.7 million. “I have to show that council is committed to meeting this challenge.”
Last update: 30.09.2008
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