The Regional Municipality of Durham said it has maintained its Triple A credit rating with Moody’s Investors Service, claiming to be currently one of only eight Canadian municipalities to have been awarded the Triple A rating by Moody’s.
According to Moody’s, Durham Region has a strong credit rating due to its conservative fiscal management which includes low debt levels, economic diversity and a positive operating profile. The accreditation also recognizes the region’s commitment to multi-year financial planning as a major credit strength in response to Durham’s steady population growth and increased demand for regional programs and services, said a region statement.
Each year, the budget process begins with the development of the annual asset management report as well as a multi-year forecast, which helps the region to identify, and prepare for, future challenges. The long-term financial planning approach allows key Regional Council priorities to be identified early in the budget process, allowing them to move forward in consideration of the current economic environment. For more information on Durham Region’s Business Plans and Budget, visit durham.ca/Budget.
“Maintaining a Triple A credit rating from Moody’s demonstrates that the region’s finances are being managed responsibly and sustainably. The Region of Durham operates within a two-tiered government model that is fiscally responsible; a model that delivers vital services across municipal borders, such as clean water, policing, paramedics and more,” said John Henry, Regional Chair and Chief Executive Officer.
“We have a Triple A credit rating that benefits all our cities and towns, residents and businesses, regardless of municipal boundary. Our long-standing and disciplined approach to financial management and long-term financial planning gives us the financial flexibility to respond to program pressures, economic challenges and uncertainties,” said Nancy Taylor, Commissioner of Finance.
“Upholding the key ratings factor outlined by Moody’s reflects the principles of our long-term financial planning framework including financial sustainability, financial flexibility and affordability. This credit rating signals a forward-looking municipality that has a sustained track record of strong financial results,” she added.