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News Release

Durham Region maintains Triple A credit rating from Moody's

WHITBY, ON February 10, 2017

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 Canadian municipalities to have been awarded the Triple A rating by this agency.

“This Triple A rating provides Durham Region with an exemplary reputation in the investment community,” said Roger Anderson, Regional Chair and Chief Executive Officer. “Our organization is a leader in fiscal responsibility and integrity—a direct result of Regional Council’s long-standing commitment to strong financial policies and planning.”

According to Moody’s, Durham Region benefits from a number of credit strengths, including solid financial management and governance practices, in addition to maintenance of low and predictable levels of debt and solid reserves.

“This significant rating instills confidence in our 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. “Continued population growth has increased the demand for Regional services and infrastructure. Therefore, we must balance taxpayer affordability with the demands of our growing region.”

Moody’s noted that the Region can effectively address program challenges associated with a growing population. The Region’s consistent practice of long-term financial planning will ensure Durham’s debt burden and debt affordability remain manageable—key supporting factors to the credit profile.

“Adherence to long-term financial planning allows the Region to proactively address program pressures and accommodate unanticipated expenditures or risk,” said Jim Clapp, Commissioner of Finance. “As a result, the Region is able to retain financial flexibility to maintain adequate funding to meet its financial obligations 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.

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