WINNIPEG - November 19, 2008 – On November 14, 2008, major credit rating agencies Standard and Poor’s and Moody’s Investors Service reaffirmed Winnipeg’s credit rating, at AA stable and Aa1 stable, respectively.

Councillor Justin Swandel, Deputy Mayor and Chair of the City’s Standing Policy Committee on Finance, welcomed the announcements. “These ratings are a strong vote of confidence in the City of Winnipeg, and our economic future,” he said.

“While there is no question we live in a troubling economic time and will face new challenges, it’s encouraging that the credit rating agencies have put their stamp of approval on our careful budgeting process, and our efforts to carefully manage taxpayers’ dollars,” Councillor Swandel noted. “Those efforts will continue,” he added.

Both rating agencies identify the City’s prudent stewardship and strong fiscal management as factors contributing to their positive assessment.

Moody’s Investors Service observes that, “Winnipeg’s use of effective budgeting techniques has led to a series of strong fiscal performances and an improved fiscal position.” Moody’s report also notes that, “Winnipeg possesses strong governance and management structures, including prudent financial systems and policies for both debt and cash management.”

Standard and Poor’s identifies the City’s key strengths as “strong recent financial results, [a] moderate and declining debt burden, robust and stable cash and investment holdings, [and a] lengthy record of solid economic performance.”

In 2007, Winnipeg had a Gross Domestic Product (GDP) of $25 billion, civic expenditures of $1.03 billion, and a Council-approved capital budget of $427 million.