Mayor to pitch Winnipeg finances to credit-rating agencies in New York

Mayor Brian Bowman and other city officials plans to travel to New York City next week to meet with the bond-rating agencies who assess Winnipeg's financial health.

Bowman, council finance chairman Marty Morantz,Winnipeg chief administrative officer Doug McNeil and chief financial officer Mike Ruta plan to meet with Moody's and Standard and Poor's during an Oct. 3-5 visit to New York.

"This is part of our ongoing efforts to manage finances in a fiscallyresponsible way," Bowman told reporters Friday morning at the Pan Am Pool, where he was showing off improvements to the recreational facility.

Bowman said he hopes to impress bond raters with the fact Winnipeg is required by legislation to balance its budget and also strives to keep its debt below a self-imposed target.

"Not all levels of governmentsbalance budgets or have a debt ceiling, and we have both," Bowman said.

• Winnipeg's credit rating downgraded, following Manitoba's rating drop
• Manitoba's provincial credit rating downgraded by S&P Global Ratings

The city's credit rating is determined largely by Manitoba's credit rating. Winnipeg's ratings withStandard and Poor's and Moody's are AA and Aa2, respectively.

Credit ratings determine the interest rates the city pays on debt, which in turn affect the cost of that debt.

The mayor also plans to meet with New York City traffic managers,Canadian Consul FeneralPhyllis Yaffe, the consul general of Canada andTim Tompkins from the Times Square Alliance, who oversaw the closure of Times Square to pedestrian traffic.

Most council committee meetings are cancelled or postponed next week.