Calgary, City of: Rating Report

On June 16, 2020, 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 responsible approach to fiscal management; relatively low, albeit rising, debt burden; and robust liquidity. However, ongoing weakness in the global energy market will likely present challenges over the medium term. The Stable trends reflect DBRS Morningstar's expectation that, while the Coronavirus Disease (COVID-19) will materially affect the City's fiscal outlook, the impact will be temporary and manageable.