Toronto, City of: Rating Report

On November 3, 2023, DBRS Limited (DBRS Morningstar) confirmed the Issuer Rating of the City of Toronto (Toronto or the City) and the rating on its long-term debt at AA. All trends are Stable, although concerns are mounting as Toronto continues to leverage the City Building levy to pursue capital priorities, which is leading to a notable increase in tax-supported debt, as measured by DBRS Morningstar.