Region of Durham maintains Triple A credit rating from Moody’s

Whitby, Ontario – The Regional Municipality of Durham’s longstanding Triple A credit rating has been reaffirmed with Moody’s Investors Service (Moody’s). This rating places Durham among only eight other Canadian municipalities with this recognition from Moody’s.

Moody’s noted that Durham Region’s Triple A credit rating is supported by its strong financial management which includes low debt levels, a diverse and growing economy and a positive operating profile. The accreditation also underscores the Region’s commitment to long-term financial planning, vital in navigating the challenges posed by significant population growth and escalating demand for Regional programs, services and infrastructure.

Guided by the Region’s Financial Planning Framework, the Region adheres to the principles such as financial sustainability and financial flexibility and maintains adequate reserves for known commitments and contingencies while ensuring manageable property taxes and user rates. Strategic documents, including the Region’s strategic plan, asset management plan and multi-year capital and operating forecasts, guide investments and help the Region identify and prepare for current and future challenges. The Region’s Triple A credit rating reduces long-term borrowing costs for the Region as well as for Durham’s eight local municipalities, which benefits property taxpayers and water and sewer user rate customers across the region, especially during periods when more significant municipal infrastructure investment is required. The Region is dedicated to the principles that have earned it the Triple A credit rating and ongoing financial planning processes will continue to reflect this commitment. For more information on Durham Finance, visit durham.ca/Finance.

Quotes

“This achievement reaffirms our dedication to sustainable and responsible financial management. It highlights Durham Region’s leadership in fiscal stewardship, instilling confidence in our stakeholders that we manage tax dollars and user revenues thoughtfully while meeting the evolving needs of our community. This retention of Triple A credit rating by Moody’s reflects Regional Council’s efforts to remain leaders in prudent fiscal management, strong budgetary performance, and a low and manageable debt burden.”

- John Henry, Regional Chair and Chief Executive Officer

“The Region’s long standing Triple A credit rating benefits all residents and businesses of Durham Region. Our disciplined approach to financial management and long-term financial planning gives us the financial flexibility to respond to program pressures, economic challenges, and uncertainties. Upholding the key rating factors outlined by Moody’s – such as solid fiscal management, strong budgetary performance, and manageable debt – reflects the principles of our long-term financial planning framework. This credit rating signals Durham is a forward-looking municipality with a sustained track record of strong financial results.” 

- Nancy Taylor, Commissioner of Finance

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