Moody's: Vancouver to stable

Moody's Investors Service said it revised the outlook on the City of Vancouver's Aaa debt rating to stable from negative.

The outlook change is prompted by a view of the city's declining risk exposure to the expected revenues from sales of condominium units at the Olympic Village for the 2010 Winter Olympic games, which the city helped to finance, Moody's said.

The city's debt levels, which had increased significantly with the financing related to the Olympic Village development, have stabilized and reduced over the past six months and are expected to continue to decline, the agency said.

Net direct and indirect debt declined to roughly 98% of operating revenues at Dec. 31, 2010 from 107% in at Dec. 31, 2009, Moody's said.

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