TORONTO, Ont. – For the 10th consecutive year the international bond credit rating firm Moody’s Investors Service is leaving the city of Toronto’s credit rating at Aa1 with a stable outlook.

The rating confirms that city bonds represent excellent value based upon the city’s positive operating results, its fiscal discipline, and its diverse and strong local economy.

“This rating and report shows that the City is on track to building a sustainable, affordable and well-managed city,” said Budget Committee Chair Mike Del Grande in a press release.

“Despite this past year of many challenges and achievements, our efforts to find expenditure savings and/or increased revenue must continue in order to secure a permanent solution to the City’s structural deficit and deliver the best value to taxpayers.”