VICTORIA -- At the same time as it is begging the province for permission to borrow almost half a billion dollars to keep the Olympic athletes village project afloat, the City of Vancouver faces higher borrowing costs after a top bond-rating agency decided the development has tarnished the city's sterling credit rating.
|"Starting now, there is no firm financing in place for the project; the financing is day to day."|
Councillor Geoff Meggs
"Depending on the scope of the city's financial obligation, we believe Vancouver's potential debt burden might not be consistent with the 'AA+' rating," Standard & Poor's credit analyst Stephen Ogilvie wrote in a bulletin yesterday.
The city was placed on credit watch after the disclosure of details concerning the financing of the Olympic village.
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