Moody’s downgrades Vancouver’s credit rating
Posted December 14, 2012 12:00 am.
This article is more than 5 years old.
VANCOUVER (NEWS1130) – A day after Moody’s Investors Service downgraded the province’s credit rating to “negative,” it has done the same with the City of Vancouver’s rating.
NPA city councillor Elizabeth Ball says it’s frustrating trying to figure out how finances are being handled by looking at the city’s budget.
“The majority of cities in Canada provide line-by-line itemization in terms of the budget. All companies and non-profit societies have to provide them. But without getting those details, we don’t really know what’s happening,” she insists.
“We don’t really know what’s going on. We can certainly look at the fact that we planted 500 trees, and we can say ‘Isn’t that interesting.’ But without getting all the numbers, we don’t know how much we spent planting those trees or what we’re spending looking after those trees.”
Moody’s says the city’s rating is no longer considered stable because the city’s debt burden is higher than most Triple-A Canadian cities.
