Moody’s maintains Region’s Aaa (Triple A) credit rating for 20th year!
Waterloo Region – Moody’s Investors Service has rated the Region of Waterloo with the highest credit rating possible for the 20th year in a row. The Region’s Aaa rating reflects strong financial management and long-term planning.
The top credit rating was awarded based on the following strengths: a diverse and growing local economy; strong operating results despite provincial funding pressures and the coronavirus pandemic; and sound management practices.
“Maintaining this rating for 20 years in a row is a reflection of the Region’s consistently solid financial management and planning,” said Karen Redman, Regional Chair. “The Region continues to exhibit strong financial performance while investing in a broad range of regional priorities.”
Moody’s rated the Region of Waterloo at the high end of Canadian municipalities. According to the report, Moody’s has an expectation of “strong fiscal outcomes, favourable economic growth and debt affordability.” Moody’s categorized the Region’s outlook as “stable.”
“We continue to have conservative debt and investment management practices to limit risk, while planning far enough ahead to manage challenges like the pandemic through adjusted spending and long-term plan modifications,” said Sean Strickland, Regional Councillor and Chair of the Administration and Finance Committee.
“The Region continues to focus efforts on ensuring long-term financial sustainability by establishing strong financial policies, increasing pay-as-you-go financing for the asset renewal capital program and preserving debt capacity for major growth-related projects,” 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