Credit Rating

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• 2024 Credit Rating Report (PDF)
• 2023 Credit Rating Report (PDF)
• 2022 Credit Rating Report (PDF)
• 2021 Credit Rating Report (PDF)
• 2020 Credit Rating Report (PDF)
• 2019 Credit Rating Report (PDF)
• 2018 Credit Rating Report (PDF)

Each agency applies its methodology in measuring creditworthiness and publishes its rating opinions using a specific rating scale. Typically, ratings are expressed as letter grades that range, for example, from ‘AAA’ to ‘D’ to communicate the agency’s opinion of relative level of credit risk.

A Credit Rating evaluates a debtor’s credit worthiness. Credit worthiness means whether the government entity is worthy of receiving credit. In this case, credit refers to long-term borrowing through debentures or other long-term loans.

A credit rating is a forward-looking opinion about credit risk made by a professional organization that specializes in evaluating credit risk. The Credit Rating expresses the rating agency’s opinion of the government entity’s ability to pay back the debt and the likelihood of default.

Credit Ratings are used by individuals and investors who purchase debentures and other forms of debt issued by government entities to determine the likelihood that the government entity will pay its debenture obligations.

Credit Ratings are typically expressed as letter grades that range from ‘AAA’ to ‘D’ to communicate the rating agency’s opinion of relative credit risk – ‘AAA’ is the highest rating and relates to the lowest level of credit risk. Generally, the higher the credit rating, the lower the overall cost of borrowing. A Credit Rating of ‘A’ or higher is typically a requirement for institutional investors – typically banks, insurance companies, pension funds, investment advisors and mutual funds who act as highly specialized investors on behalf of others.