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.
“The County continues to operate under very prudent fiscal financial management,” said Warden Chris White. “A strong credit rating results in a lower cost of borrowing to help finance future capital projects for the County and its member municipalities. County Council will continue to focus on advancing key service priorities.”
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.
Standard & Poor’s highlighted the following areas for the AAA credit rating:
- Steady income levels are anticipated in a strong economy with favourable geographic location.
- The County will continue to post solid operating balances, anchored by stable tax receipts and prudent financial management.
- The County’s capital plan is mostly funded through accumulated capital reserves, supporting a moderate debt burden.
- Wellington is expected to maintain healthy reserves, contributing to exceptional liquidity.
Earl Campbell, Chair of the County’s Administration, Finance and Personnel Committee, is also pleased with the reaffirmed AAA credit rating. “Responsible financial planning allows the County to maintain quality services and programmes for all residents and businesses.”
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
519.837.2600 x 2920
kend@wellington.ca