Toronto issues second debenture for capital projects
The City of Toronto issued its second debenture of the year on June 21 to help finance key capital projects.
The debenture is worth $335 million.
Its proceeds will fund capital projects from several city divisions and agencies. Some of the projects included in the issuance are: state-of-good repair, traffic congestion management, building renovations and bridge rehabilitation.
“Proceeds from the city’s second bond issuance of the year will help the city continue funding important capital projects,” said Councillor Gary Crawford, Chair of the Budget Committee. “The funds from the bonds will ensure that we can make important investments to maintain and improve the city for present and future generations.”
Toronto has one of the most extensive municipal borrowing programs in Canada. It is a regular public Canadian debt market issuer, with several sinking fund debentures yearly.
The city maintains an AA credit rating by S&P Global, an AA credit rating by DBRS Morningstar, and an Aa1 credit rating by Moody’s.