Moody’s confirms Region’s Aaa (Triple A) credit rating

Waterloo Region – Moody’s Investors Service has confirmed the Region of Waterloo’s Aaa (triple A) credit rating, the highest credit rating possible. This rating reflects prudent financial management and long-term planning as well as a proven track record of positive operating outcomes.

This top credit score, held by the Region since 2000, was awarded based on strengths such as a diverse and affluent local economy, consistent positive operating results, and a mature and supportive institutional framework.

“Maintaining this rating since 2000 is a reflection of the Region’s consistently sound financial management and planning,” said Karen Redman, Regional Chair. “The Region continues to manage well while investing in infrastructure and the future needs of citizens.”

Moody’s rated the Region of Waterloo at the high end of Canadian municipalities. According to the report, Moody’s has an expectation of “continued positive fiscal outcomes, robust economic growth and strong debt affordability.” Moody’s categorized the Region’s outlook as “stable.”

“Keeping a triple A credit rating allows the Region and area municipalities to borrow money to invest in infrastructure at the lowest possible interest rates, saving taxpayers millions of dollars,” said Sean Strickland, Administration and Finance Committee Chair. “On average, the Region borrows $80 million per year for important Regional and area municipal capital projects.”

“The Region continues to focus efforts on ensuring long-term financial sustainability by establishing sound fiscal policies and management practices, as well as reducing our reliance on long-term borrowing for infrastructure renewal,” said Craig Dyer, Chief Financial Officer for the Region.

Moody’s Investors Service has been providing Canada’s investors and issuers with credit ratings since 1901. Today, Moody’s rates more than 300 Canadian corporate, structured and public finance issuers.

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For more information please contact:

Bryan Stortz, Director of Corporate Communications, 519-575-4408 or bstortz@regionofwaterloo.ca

Craig Dyer, Commissioner of Corporate Services and Chief Financial Officer, 519-575-4545 or cdyer@regionofwaterloo.ca