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News Release

Durham Region maintains S&P Triple A credit rating

WHITBY, ON April 10, 2017

Once again, The Regional Municipality of Durham is one of only six municipalities in Canada to have been awarded a Triple A credit rating, with a stable outlook, from S&P Global Ratings (S&P). This rating reflects the municipality’s strong financial management, sound budgetary results and low debt burden.

“This rating is a testament to Regional Council’s long-standing commitment to financial policies and planning. It highlights why we are considered leaders in fiscal responsibility,” said Roger Anderson, Regional Chair and Chief Executive Officer.

A Triple A rating confirms that the Region adheres to solid financial policies and practices. These policies are complemented by annual servicing and financing studies, which provide the foundation for yearly business plans and budgets (the documents that outline specific funding for infrastructure projects and other program areas).

“With a Triple A credit rating comes stakeholder confidence,” said Regional Councillor Bob Chapman, Chair of the Finance & Administration Committee. “This rating showcases a strong commitment to cost-effectiveness, accountability and transparency. Essentially, it’s proof that tax dollars are being managed strategically.”

As part of their assessment, S&P also acknowledged that the Region’s strong financial management practices have consistently led to sound budgetary performance, in addition to manageable property tax and revenue-based rate increases.

“Our robust, long-term financial planning enables the Region to manage risk and unforeseen expenditures,” said Jim Clapp, Commissioner of Finance. “This credit rating signals a forward-looking municipality that is financially stable.”

This S&P rating complements the Triple A credit rating affirmed by Moody’s Investors Service earlier this year.  

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