Toronto, City of: Rating Report

On September 23, 2020 DBRS Limited (DBRS Morningstar) confirmed the Issuer Rating of the City of Toronto at AA. Concurrently, DBRS Morningstar changed the name of the Debentures, Cdn Currency rating to Long-Term Debt, and confirmed the Long-Term Debt rating at AA. DBRS Morningstar also discontinued the Debentures, Frgn Currency rating to align with the rating nomenclature used for other Canadian municipalities. The trend on all ratings is Stable.