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Lighting up the stage a&e page 10
Queen’s
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T u e s d ay, O c to b e r 2 6 , 2 0 1 0
Queen’s credit decrease
First to the post
Credit rating report downgrade result of university debt By Jessica Fishbein Assistant News Editor
property standards.” For Last, the leading candidate of the Run This Town campaign, the election was a success in the sense that it drew attention to youth issues and student engagement. “I was hoping that during this election a lot of these young people would start caring about these issues enough that they’re the ones holding the mayor accountable,” he said. “The best case scenario
Despite a recent downgrade to their credit rating, Queen’s still has one of the best ratings of any Canadian university. In July 2010 Dominion Bond Rating Service Limited (DBRS) downgraded Queen’s Senior Unsecured Debt Rating from AA high to AA. Credit ratings span from AAA as the best rating and D as the worst. “The rating is an indication or assessment of credit risk related to Queen’s University,” Managing Director of DBRS Ltd. Eric Beauchemin said. “Investors don’t have time to do the research, so they need to have a credit rating. Ratings are assigned at the request of the client, and we assigned a rating for Queen’s for the first time in November 2002.” While the downgrade marks an erosion in credit profile, according to Beauchemin, an AA is still a great rating. He said Queen’s rating is now two notches below the federal government’s AAA score. The University of Toronto and University of Ottawa also have high credit ratings both coming in at AA.The Queen’s downgrade is primarily due to the debt burden caused by capital projects. “Queen’s needed debt to fund capital projects, such as Phase I of the Queen’s Centre and the School of Kinesiology,” Beauchemin said.
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photo by Justin Tang
Mark Gerresten wins with 56.4 per cent of the vote in the Kingston Municipal Election. 30,306 voters cast ballots during yesterday’s election.
Gerresten wins mayoral race Mayor-elect wins Kingston municipality with 17,096 votes, 56.4 per cent of the popular vote By Clare Clancy News Editor Mayor elect Mark Gerretson won with 56.4 per cent of the popular vote in last night’s landslide victory, but that’s not to say he’s opposed to learning from the other candidates. “Some of the candidates had great ideas, and I hope to take that into account,” he said. “[But] the citizens of Kingston ultimately thought that I would be the best person to represent the City.” Rob Matheson came second with 22.8 per cent of the popular vote followed by Barrie Chalmers who received 18.1 per cent. The three candidates for Run This Town
INDEX
Volume 138, Issue 16 www.queensjournal.ca News . . . . . . . . . . . . . . 1
A&E . . . . . . . . . . . . . . . 10
Features . . . . . . . . . . . . 3
Sports . . . . . . . . . . . . . 14
Editorials . . . . . . . . . . . . 8
Postscript . . . . . . . . . . 19
Op-Ed . . . . . . . . . . . . . . 9
won a combined 819 votes or 2.7 per cent of the vote. This includes 1.2 per cent of the vote for John Last. Nathaniel Wilson and Kevin Lavalley tied, each receiving 0.7 per cent of the vote. The City of Kingston published these unofficial results as the Journal went to press. Gerretson, who accumulated 17,096 votes, said that while he’s learned a bit from all of the candidates, the youth candidates who made up the Run This Town platform drew his attention to student issues in particular. “The gentlemen in Run This Town had very specific objectives and they were very clear on that,” he said. “They even said from the beginning that ‘we are not here to bring forth votes, we are here to bring forth the message that young people need to get voting’ and I think they did a very good job on that.” As for his future goals for the City, Gerretson said housing issues are his first priority. “You know the money is there in the system. It’s just the way of
allocating it,” he said, adding that bylaw enforcement is essential for ensuring housing standards. “It’s important that we address that property standards are being met in the city. We need to make sure that bylaws are enforced. We have some difficulties and challenges from time to time into getting into properties in order to being able to inspect them, but I’m committed to working with city staff to find new ways that we can continue to enforce our
Memorializing Cameron Jacket patches in honour of Cameron Bruce created by EngSoc By Katherine Fernandez-Blance Assistant News Editor First-year engineering student Cameron Bruce is being remembered through an initiative started by his FRECs and fellow frosh. Bruce died on Sept. 13 after
a fall from his Victoria Hall residence window. Following an Oct. 5th memorial ceremony, jacket patches have been made available for purchase for those who would like to add a memorial to Bruce to their Queen’s jacket. Jacket patches are commonly added to Queen’s Faculty jackets
to acknowledge a student’s involvement with a particular group or community, such as a residence, or to denote participation in certain events like drinking games and physical challenges. They are available at the Campus Bookstore for under $7. Please see Patches on page 6