Wellington County, Ont. - Recently, Standard & Poor’s (S&P) Global Ratings announced that the County of Wellington will maintain its AAA credit rating, Outlook Stable. The AAA credit rating is the highest possible rating that any municipality can achieve.
S&P is an independent company that looks at municipalities and corporations around the world and analyzes their capacity to meet financial obligations. Municipalities that borrow under the AAA credit rating access the best possible capital financing rates and minimize long-term infrastructure capital financing costs.
“The County’s operating performance and financial management continues to remain incredibly strong,” commented Warden Andy Lennox. “Maintaining this strong credit rating shows that the County is well managed, and that Council is fiscally responsible balancing needs with resources. The AAA credit rating also results in a lower cost of borrowing to help finance future capital projects for the County and its member municipalities.”
Standard & Poor’s highlighted the following areas for the AAA credit rating:
- Wellington will maintain stable income levels and low unemployment, within a strong economy.
- Prudent financial management practices strengthen the credit profile.
- Like other Canadian municipalities, Wellington’s relationship with the Government of Ontario will remain extremely predictable and supportive.
- The County will continue to post healthy operating balances, anchored by an expanding assessment base.
- Strong budgetary performance will support a moderate debt burden, primarily consisting of debt issued by lower tiers.
“Responsible financial planning allows the County to maintain quality services and programmes for all residents and businesses,” commented Chris White, Administration, Finance and Personnel Committee Chair. “County Council will continue to focus on advancing key service priorities.”
S&P Global Ratings is a leader in independent credit risk research and market intelligence including credit ratings, research, and thought leadership. It has offices in twenty-six countries and more than 150 years of experience.
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Media Contact:
Ken DeHart, County Treasurer
Phone 519.837.2600 x 2920
Email kend@wellington.ca