MEDIA RELEASE

www.thunderbay.ca

Outlook is Stable:
Strong Budgetary Performance Raises Citys Credit Rating
June 29, 2017 Thunder Bay's strong budgetary performance, effective cost controls, low municipal
debt burden, and excellent liquidity balances have led S&P Global Ratings (formerly Standard & Poors)
to raise the City`s credit rating from AA- to AA.

"This is great news for residents, and demonstrates that the City of Thunder Bay continues to manage
finances in a very responsible manner with respect for public dollars, by another good financial report
card, said Mayor Keith Hobbs.

The stable outlook is based on S&P Globals expectation that the city will continue to maintain low debt
burdens along with healthy reserve funds and liquidity balances.

We are very pleased the Citys finances have once again been rated positively by S&P Global Ratings
and performance improvements recognized, said Linda Evans, General Manager-Corporate Services &
Long Term Care and City Treasurer. Administration, with direction and guidance from Council, takes its
financial responsibilities very seriously. Thunder Bay remains committed to sound and thorough long-
term financial planning, and this rating by S&P Global reflects that.

The stable outlook reflects S&P Globals expectation that over the next two years Thunder Bay will
generate largely consistent budgetary performance, despite significant capital spending, while
maintaining a stable debt burden and liquidity.

The financial guiding principles support the Citys strategic objective of being one of the best-run cities
in Canada. For more information, and the summary report, visit: www.thunderbay.ca/performance

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Contact: Linda Evans, General Manager-Corporate Services & Long Term Care and City Treasurer, 625-
2241