The Regional Municipality of Durham has maintained its Triple A credit rating with Moody’s Investors Service.
The region is currently one of eight Canadian municipalities to have been awarded the Triple A rating by this agency, said a statement.
According to Moody’s, Durham Region benefits from several credit strengths, including low debt levels, economic diversity, a positive operating profile, and conservative fiscal management. The accreditation also recognizes the adherence to multi-year financial planning in response to Durham’s steady population growth and increased demand for regional programs and services.
Each year, the region develops a multi-year forecast, which helps the region to identify, and prepare for, future challenges. This 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, the statement said.
“Maintaining a Triple A credit rating from Moody’s is an important achievement and reflects Regional Council’s long-standing commitment to long-term financial planning, fiscal sustainability and taxpayer affordability. The accreditation also supports Durham’s reputation as a leader in fiscal management and gives our stakeholders confidence that we are managing their tax dollars responsibly,” said John Henry, Regional Chair and CEO.
“Upholding the key ratings factors outlined by Moody’s – such as solid fiscal management, strong budgetary performance and manageable debt burden – reflects the principles of our long-term financial planning framework. This framework allows us to move strategic Regional initiatives forward while accommodating program pressures, economic challenges and uncertainties,” added Nancy Taylor, Commissioner of Finance.