2017 S&P Global Ratings affirms Region’s top credit rating

2017 S&P Global Ratings affirms Region’s top 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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2017 S&P Global Ratings has affirmed Halton Region’s AAA credit rating—S&P’s highest rating—ranking Halton once again at the top end of Canadian municipalities. This distinction allows Halton and its Local Municipalities to fund major projects at the lowest possible long-term costs by providing continued access to the best capital financing rates available.

The rating follows Moody’s Investors Service upholding its AAA rating for the Region in January 2017, sharing similar approval of Halton’s prudent, forward-looking financial planning principles. Halton Region has maintained its top credit rating with Moody’s for 29 years.

Halton’s top credit rating is essential to maximizing investments in our community. This exclusive distinction has become increasingly rare for jurisdictions around the world, and it is the direct result of our diligent planning and transparent reporting. It helps us maintain our strong long-term financial position and keep taxes low while supporting a high quality of life for all.

S&P Global Ratings research update highlights the following credit strengths as the basis of its decision:

  1. strong, well-diversified and growing local economy integrated within the GTA;
  2. strong financial management with well-defined, prudent financial policies, robust annual budgets and transparent financial statements;
  3. strong and stable budget performance, low debt burden and low contingent liabilities; and
  4. exceptional internal liquidity and access to external liquidity for refinancing needs.

The research update also notes the positive results of Halton’s Strategic Action Plan, balanced operating budgets and history of strong financial performance, describing a stable outlook for the Region, which is taken into account by 2017 S&P Global Ratings.

To learn more about Halton’s strong financial position, please visit halton.ca/finances.

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