Calgary, City of: Rating Report

DBRS Limited (DBRS) confirmed the Issuer Rating and Long-Term Debt ratings of the City of Calgary (Calgary or the City) at AA (high) and its Commercial Paper rating at R-1 (high). All trends are Stable. The ratings are supported by the City’s relatively low, albeit rising, debt burden, its robust liquidity and its responsible fiscal management. The economy continues to be susceptible to volatility in global energy prices and hindered by transportation constraints, although the population is growing, and unemployment is declining.