Global Ratings by S&P affirms Halton’s AAA credit rating

Stable financial outlook for Region

Global Rating, Standard & Poohs

On June 13, 2019, S&P Global Ratings affirmed its top credit rating for Halton Region. Their research summary praises the Region’s strong leadership, fiscal policies and budgetary performance while confirming a stable outlook for the future.

“This is the second top credit rating we have earned this year, and both S&P Global Ratings and Moody’s Investors Service have indicated a high level of confidence in our financial planning and decision-making,” said Halton Regional Chair Gary Carr.

“As we prepare to implement our new Strategic Business Plan, this distinction will allow us to support ongoing investments in infrastructure while ensuring top value for taxpayer dollars. We are proud to have earned this distinction yet again,” continued Carr.

Maintaining a top credit rating minimizes long-term infrastructure capital financing costs. It provides Halton and its Local Municipalities with continued access to the best capital financing rates available. As a result, public funds go further when invested in Regional works—such as road, water and wastewater projects—that help improve essential services in the community.

The research summary profiled the following credit strengths as the rationale for S&P’s decision:

  • very strong and well-diversified economy integrated within the GTA with consistent growth;
  • very strong financial management with well-defined, prudent and conservative financial policies, well-documented financial plan and stable and well-qualified management team;
  • very strong and stable budget performance, very low debt burden and very low contingent liabilities; and
  • exceptional internal liquidity support, access to external liquidity for refinancing needs and very robust internal cash flow generation ability.

S&P also cites Halton’s track record of successfully implementing its budgets and strategic plans, and indicates they expect the Region will continue to make prudent fiscal decisions moving forward.

The Region has maintained top credit ratings from S&P Global Ratings (AAA) since 2002 and Moody’s Investors Service (AAA) since 1989—a successful track record of more than 30 years. Earning this distinction from both agencies each year is a key goal of Halton’s annual Budget and Business Plan.


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