Calgary, City of: Rating Report

DBRS Limited (DBRS Morningstar) confirmed the Issuer Rating and Long-Term Debt rating of the City of Calgary (Calgary or the City) at AA (high) and its Commercial Paper (CP) rating at R-1 (high). All trends are Stable. The ratings are supported by the City’s approach to fiscal management;, its relatively low debt burden, and its robust liquidity. However, Calgary's credit profile is vulnerable to volatility in the global energy markets. The Stable trends reflect DBRS Morningstar's view that the City is able to prudently manage any temporary and short-term operating pressures, a view that is further supported by provincial legislation, which requires any budgetary shortfall to be recovered in subsequent years.