City of London maintains top-tier Aaa credit rating for 50th year

The City of London is pleased to announce that Moody’s Investors Service has maintained the City’s Aaa credit rating and stable outlook. This year marks the 50th consecutive year that the City of London has received a top-tier Aaa credit rating, which is the highest rating possible, reflecting the City’s longstanding commitment to strong financial management, fiscal responsibility and sustainable financial planning.

“Reaching 50 consecutive years with an Aaa credit rating is an extraordinary achievement for London and a reflection of the strong financial foundation that Council and staff have built over generations,” says Sandra Datars Bere, City Manager. “I’m proud of the work of our financial leadership and staff who continue to uphold the high standards behind this achievement.”

In assigning this rating, Moody’s noted that the City’s excellent governance and management, low reliance on debt and high levels of cash and investments provide increased bondholder security. While an upward pressure on debt levels from growth related capital projects is anticipated, Moody’s does not see this as a change in the City’s strong debt management policies. 

“Maintaining this top rating for 50 consecutive years speaks to the strength and consistency of London’s financial management,” says Anna Lisa Barbon, Deputy City Manager, Finance Supports and City Treasurer. “Our long-term approach to financial planning helps us navigate the opportunities and pressures that come with growth, while continuing to make thoughtful investments in the services and infrastructure our community relies on. This milestone reflects the financial practices across many Council terms that have helped position London for continued success.”

Moody’s, a leading provider of credit ratings, research, and risk analysis, typically reviews the City’s credit worthiness annually, then assigns a credit rating. This includes a review of the City’s most recent audited financial statements, the most recent Multi-Year Budget and applicable annual updates, forecasts, meeting with City administration and mayor, and other independent research.