Despite pandemic, City of London maintains triple-A credit rating from Moody’s
|globalnews.ca 30 Sep 2020 at 17:58|
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The novel coronavirus pandemic has produced extensive economic challenges for the City of London, but according to its latest credit rating from Moody’s Investors Service, the city rose to the challenge.
Moody’s has maintained London’s triple-A credit rating, the highest rating possible, for the 44th consecutive year.
“The City of London has a long, proud history of financial stability and prudent fiscal management,” said Mayor Ed Holder.
“The fact we were able to maintain this coveted rating during the midst of a pandemic and significant economic pressures is a testament to our council members, our senior leadership team, and our talented finance team.”
In late April, city staff estimated that the pandemic could deal a $33-million financial hit to the city by the end of August. That number is now down to $22 million thanks to measures taken — including staffing impacts and re-allocating 2019 surplus funds — and city staff have since suggested further measures to .
In mid-August, it was announced that the City of London will receive just over $40 million from upper levels of government as part of a multi-billion-dollar funding announcement made in late July.