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News Release

Durham Region maintains Standard & Poor's Triple A credit rating; wins prestigious award for annual financial report

WHITBY, ON April 01, 2015

The Regional Municipality of Durham has once again had its Triple A credit rating, with a stable outlook, reconfirmed by Standard & Poor’s (S&P)—making it one of just six Canadian municipalities with this outstanding reputation.

According to S&P, Durham Region’s rating reflects strong financial management practices and a commitment by Regional Council to multi-year financial planning.

“Long-term financial planning has provided Durham Region with the flexibility to fund costs related to population growth and priority service enhancements,” said Roger Anderson, Regional Chair and Chief Executive Officer. “This rating clearly showcases Durham Region as a leader in fiscal responsibility and integrity.”

Part of the business and financial planning process includes strategies that allow for the accommodation of future risks and uncertainties. Such strategies include long-term planning, prudent up-front financing of capital infrastructure projects, minimizing debt issuance, and ensuring there are reserves available to fund future liabilities and capital infrastructure. This, in turn, allows the Region to deal with any economic or fiscal challenges that might occur.

“When it comes to finances, the Region is committed to practices that achieve cost effectiveness, accountability and transparency,” said Regional Councillor Bob Chapman, Chair of the Finance & Administration Committee. “Residents can feel confident that their tax dollars are being managed responsibly.”

To ensure funding is being allocated appropriately, the Region’s business planning process utilizes multi-year economic and financial forecasts, which cover all aspects of Regional operations.

“This practice allows the Region to implement council’s key priorities, including significant capital investments, while keeping debt levels manageable and property tax levels affordable,” said Jim Clapp, Commissioner of Finance. “S&P sees this as a major credit strength.”

This S&P rating complements the Triple A credit rating affirmed by Moody’s Investors Service of New York earlier this year. The Region also recently received its 11th consecutive, prestigious award from the Government Finance Officers Association (GFOA) of the United States and Canada for its annual financial report. According to the GFOA, only 15 other Ontario municipalities received this award, for an Annual Report related to the fiscal year ending on Dec. 31, 2013.

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For more information, please contact Corporate Communications.