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News Release

Durham Region maintains Triple A credit rating from Moody's

WHITBY, ON January 27, 2016

The Regional Municipality of Durham has once again maintained its Triple A credit rating with Moody’s Investors Service of New York (Moody’s). This identifies the Region as one of only eight select Canadian municipalities to have been awarded a Triple A rating by this credit agency.

“Durham Region’s long standing adherence to best practices and proven financial management policies supports its Triple A credit rating,” said Roger Anderson, Regional Chair and Chief Executive Officer. “The confirmation of this rating shows why our organization is a leader in fiscal responsibility and integrity.”

According to Moody’s, “Durham’s strong operating results are supported by stable operations, conservative fiscal management practices, property taxes and user fees.” Moody’s also outlined a number of credit strengths, including solid financial management and governance practices, and maintenance of low and predictable levels of debt and strong reserves.

“Maintaining this significant rating gives confidence to Regional stakeholders, minimizes the cost of borrowing for a portion of capital expenditures, and provides residents the assurance that their tax dollars are managed responsibly,” said Regional Councillor Bob Chapman, Chair of the Finance & Administration Committee. “It is essential that we continue to work to balance taxpayer affordability with the demands of our growing region.”

“The Region’s long-term financial planning process allows us to proactively address potential fiscal challenges and mitigate current and future risks,” said Jim Clapp, Commissioner of Finance. “As a result of these prudent practices, the Region is able to retain the financial flexibility to maintain adequate funding to meet its financial obligations today, and over the longer term.”

Each year, the budget process begins with the development of a five-year forecast, which helps the Region to identify, and prepare for, future challenges. This consistent approach allows key Regional Council priorities to move forward in consideration of an expanding capital program and current economic challenges and uncertainties. Although population growth will lead to increased demand for Regional programs and services, Moody’s continues to recognize Durham Region’s growth and diversified economy as a major strength.

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For more information, please contact Corporate Communications.