{"id":404,"date":"2014-12-17T17:01:00","date_gmt":"2014-12-17T17:01:00","guid":{"rendered":"http:\/\/rf.podcastfixit.com\/index.php\/2014\/12\/17\/standard-and-poors-hikes-laval-credi\/"},"modified":"2015-06-01T19:40:43","modified_gmt":"2015-06-01T19:40:43","slug":"standard-and-poors-hikes-laval-credi","status":"publish","type":"post","link":"https:\/\/newscoverage.org\/index.php\/2014\/12\/17\/standard-and-poors-hikes-laval-credi\/","title":{"rendered":"Standard and Poors hikes Laval credit rating"},"content":{"rendered":"<p><b><i>\u2018Very strong economy and exceptional liquidity\u2019<\/i><\/b><\/p>\n<div>\n<b style=\"font-family: Georgia, 'Times New Roman', serif;\"><br \/><\/b><br \/>\n<b style=\"font-family: Georgia, 'Times New Roman', serif;\">By Robert Frank<\/b><br \/>\n<a href=\"http:\/\/www.thesuburban.com\/\" style=\"font-family: Georgia, 'Times New Roman', serif;\">www.thesuburban.com<\/a><\/p>\n<p>\u201cWe believe that we are now the highest-rated city in Canada,\u201d St. Vincent de Paul Councillor Paolo Galati smiled, upon news that one of the biggest credit-rating agencies in the world, Standard and Poors, had upped Laval\u2019s creditworthiness score to AA.<\/p>\n<p>The New York firm spared no praise last week, in lauding the city\u2019s fiscal accomplishments.<\/p>\n<p>\u201cThe upgrade reflects our favorable view of Laval\u2019s very strong economy, exceptional liquidity, very strong budgetary performances, very low contingent liabilities and strong budgetary flexibility,\u201d it said in a statement, Dec. 9. <\/p>\n<p>In practical terms, the upgrade will make the city\u2019s bonds even more attractive to investors. That will lower the interest that Laval will have to eventually reimburse on the debt, leaving more funds available to invest on behalf of its taxpayers.<\/p>\n<p><b>Outpacing the province<\/b><\/div>\n<div>\n<b><br \/><\/b>\u201cLaval\u2019s very strong economy expanded moderately in 2013,\u201d Standard and Poors reported. \u201cLabor force results were solid, in our view. The city\u2019s unemployment rate dropped substantially to 6.5 per cent from 8.1 per cent in 2012. Employment rose rapidly (3.9 per cent) in 2013.\u201d <\/p>\n<p>\u201cResults for the first three-quarters of 2014 are more mixed,\u201d it added. \u201cEmployment is up, compared with a similar three-quarter period a year earlier (3.2 per cent) but the unemployment rate has risen to 7.7 per cent. Construction activity indicators slowed in 2013 as the total value of building permits fell 26 per cent and housing starts declined 16 per cent.\u201d <\/p>\n<p>\u201cWe believe that Laval\u2019s GDP per capita is close to or greater than the three-year provincial average of US $43,300. As well, we believe the city continues to have above-average growth prospects,\u201d Standard and Poors predicted.<\/p>\n<\/div>\n<div>\n<b>Let my city go<\/b><br \/>\n<b><br \/><\/b><br \/>\nOne of the reasons that Laval is able to borrow on such good terms is that it has largely eschewed going into debt, Standard and Poors observed. <\/p>\n<p>\u201cLaval has strong budgetary flexibility, in our view. In 2013, modifiable (own-source) revenues represented 90 per cent of operating revenues, which was consistent with long-term values. Capital spending accounted for 19 per cent of total expenditures in 2013, which is lower than those of the past five years.\u201d <\/p>\n<p>It concluded that the city could go much farther and faster, with less provincial meddling. <\/p>\n<p>\u201cSimilar to that of many Canadian peers, the city\u2019s budgetary flexibility is moderately constrained on the expenditure side because the province mandates the majority of its services and service levels,\u201d Standard and Poors concluded.<\/p>\n<p><\/p>\n<blockquote class=\"tr_bq\"><p>\n<i><b>City of Laval Rating Score Snapshot:<br \/> <\/b><\/i><b><u><br \/><\/u><\/b><b><u>Key rating factors<\/u><\/b><\/p>\n<ul>\n<li><b>Institutional Framework:<\/b>&nbsp;Very predictable and well-balanced<\/li>\n<\/ul>\n<ul>\n<li><b>Economy:<\/b> Very strong<\/li>\n<\/ul>\n<ul>\n<li><b>Financial Management:<\/b> Satisfactory<\/li>\n<\/ul>\n<ul>\n<li><b>Budgetary Flexibility:<\/b> Strong<\/li>\n<\/ul>\n<ul>\n<li><b>Budgetary Performance:<\/b>&nbsp;very strong<\/li>\n<\/ul>\n<ul>\n<li><b>Liquidity:<\/b> Exceptional<\/li>\n<\/ul>\n<ul>\n<li><b>Debt Burden:<\/b> High<\/li>\n<\/ul>\n<ul>\n<li><b>Contingent Liabilities:<\/b>&nbsp;Very low<\/li>\n<\/ul>\n<p><i>Source: Standard &amp; Poors<\/i><\/p><\/blockquote>\n<ul>\n<\/ul>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>\u2018Very strong economy and exceptional liquidity\u2019 By Robert Frank www.thesuburban.com \u201cWe believe that we are now the highest-rated city in Canada,\u201d St. Vincent de Paul Councillor Paolo Galati smiled, upon news that one of the biggest credit-rating agencies in the world, Standard and Poors, had upped Laval\u2019s creditworthiness score to AA. The New York firm<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-404","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Standard and Poors hikes Laval credit rating - Newscoverage<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/newscoverage.org\/index.php\/2014\/12\/17\/standard-and-poors-hikes-laval-credi\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Standard and Poors hikes Laval credit rating - Newscoverage\" \/>\n<meta property=\"og:description\" content=\"\u2018Very strong economy and exceptional liquidity\u2019 By Robert Frank www.thesuburban.com \u201cWe believe that we are now the highest-rated city in Canada,\u201d St. Vincent de Paul Councillor Paolo Galati smiled, upon news that one of the biggest credit-rating agencies in the world, Standard and Poors, had upped Laval\u2019s creditworthiness score to AA. 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