The Regional Municipality of Durham

News Release

Durham Region maintains Standard & Poor's Triple A credit rating

WHITBY, ON April 06, 2016

The Regional Municipality of Durham has once again had its Triple A credit rating, with a stable outlook, reconfirmed by Standard & Poor’s (S&P)—making it one of just six Canadian municipalities with this outstanding reputation.

According to S&P, Durham Region’s rating reflects a strong commitment by Regional Council to multi-year financial planning.

“Regional Council’s commitment to long-term financial planning has provided Durham Region with the flexibility to meet growth-related infrastructure requirements, while maintaining a low level of debt,” said Roger Anderson, Regional Chair and Chief Executive Officer. “This practice allows the Region to implement key council priorities, while maintaining fiscal sustainability.”

Each year, the business planning process begins with the development of a multi-year economic and financial forecast. Part of this business planning process includes adherence to prudent financial policies and strategies that account for future risks and uncertainties. Such strategies involve up-front financing of capital infrastructure projects, minimizing debt issuance, and ensuring there are adequate reserves available to fund future requirements. This planning allows the Region to deal with any economic or fiscal challenges that might occur, while maintaining taxpayer affordability.

“Maintaining this rating is an important accomplishment for the Region, as we are committed to practices that achieve cost effectiveness, accountability and transparency,” said Regional Councillor Bob Chapman, Chair of the Finance & Administration Committee. “It demonstrates to residents that their tax dollars are being managed responsibly, as we continue to build Regional programs and services to meet increasing demands.”

S&P also acknowledged the Region’s strong financial management practices have consistently led to strong budgetary performance.

“This rating represents an expert third party assessment of the Region’s solid business planning processes and financial policies and practises, which in this current environment, signals stability and a forward looking municipality,” said Jim Clapp, Commissioner of Finance. “S&P sees our robust financial planning process as a major credit strength.”

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

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For more information, please contact Corporate Communications.