Halton remains at top end of Canadian municipalities: S&P reaffirms AAA credit rating

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Halton remains at top end of Canadian municipalities: S&P reaffirms AAA credit rating

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Gary Carr

Gary Carr

In 2006, Gary was elected to the position of Regional Chair at the Regional Municipality of Halton, and was re-elected to the position in 2010. Gary sits on the Standing Committees of Health and Social Services, Administration and Finance, and Planning and Public Works, in addition to a number of Advisory Committees. Gary is also a member of the board for the Greater Toronto Marketing Alliance, and served on the Halton Regional Police Services Board and Metrolinx.

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S&P Global Ratings has reaffirmed Halton Region’s AAA credit rating—the highest possible—ranking it at the top end of Canadian municipalities and provinces. Praising Halton’s strong financial management practices and budgetary performance, S&P’s rating analysis describes a stable financial outlook for the Region, highlighting its excellent track record, flexibility and adherence to the detailed Strategic Action Plan. The analysis follows a reaffirmation of the Region’s top AAA rating by Moody’s Investors Service in January.

Consistently earning a AAA credit rating is a rare and significant achievement that helps us maximize investment in Halton’s future. While difficult economic times have caused many other Canadian jurisdictions to lose their AAA credit rating, our commitment to being a transparent, accountable and fiscally responsible government has allowed us to maintain our strong long-term financial position.

The AAA credit rating allows Halton Region, as well as its four local municipalities, to finance major infrastructure and community projects at the lowest possible long-term costs by providing continued access to the best capital financing rates available.

S&P’s rating analysis outlined the following credit strengths for Halton as the basis of its decision:

  1. strong, diverse and well-integrated local economy;
  2. excellent financial management policies, annual budget documents and independently audited financial reports;
  3. stable long-term budget performance with a low debt burden; and
  4. exceptional access to liquid funds for refinancing needs.

Halton Region has maintained a AAA credit rating for 28 consecutive years. Regional Council renewed their commitment to preserving this rating with their approval of the 2017 Budget Directions Report on July 13, 2016.

To learn more about the Region’s financial position, visit halton.ca/budget.

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