The Regional Municipality of Durham

News Release

Durham Region maintains Triple A credit rating from Moody's; earns high-profile finance award

WHITBY, ON February 11, 2015

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 rating agency.

“Durham Region has a long-standing reputation for fiscal responsibility and integrity,” said Roger Anderson, Regional Chair and Chief Executive Officer. “This rating confirmation is a direct result of council’s commitment to support prudent financial policies and planning.”

According to Moody’s, “Durham’s stable operations and conservative fiscal management practices have supported strong fiscal outcomes.” In addition, the credit rating reflects a strong commitment to multi-year planning, which allows the Region to meet financial obligations in a timely manner, while reducing financial risk. This long-term planning provides the flexibility to address unknown program pressures and accommodate unforeseen expenditures or risk. 

“This rating gives independent assurance to the residents of Durham Region—from a reputable agency—that their tax dollars are managed responsibly,” said Regional Councillor Bob Chapman, Chair of the Finance & Administration Committee. “This significant credit rating provides confidence to stakeholders, while also significantly reducing the cost of borrowing for a portion of capital expenditures.”

Each year, the business planning process begins with the development of a five-year economic and financial forecast, which is a comprehensive review of multi-year operating and capital pressures, in addition to available financing across the Region’s major program areas. Although population growth will lead to increased demand for Regional programs and services, Moody’s continues to recognize Durham’s strong population growth and diversified economy as a major strength.

“The Region relies on its practice of long-term financial planning to address potential fiscal challenges before they arise, and limits the Region’s exposure to future market-related risks,” said Jim Clapp, Commissioner of Finance. “Prudent financial policies and planning allow the Region to retain financial flexibility and maintain adequate funding for unforeseen expenditures today, as well as over the longer term.”

This is the second notable achievement in 2015. For the third consecutive year, the Region received a Government Finance Officers Association (GFOA) of the United States and Canada award for its 2014 Business Planning and Budget process and documentation. The Region has also received 10 consecutive GFOA Canadian Awards for Financial Reporting, for its Annual Report, recognizing excellence in report quality and public disclosure.

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For more information, please contact Corporate Communications.