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Debt Report - Quarter 2 Financial Update (2016)
(in thousands of dollars)

Debt Update

S&P (Standard & Poor's) has had Niagara rated AA with a stable outlook since April 5, 2001 when S&P and CBRS (Canadian Bond Rating Service) merged their ratings. The ratings reflect S&P's opinion of Niagara's exceptional liquidity, strong budgetary performance, and low debt burden. The stable outlook reflects S&P's expectations that Niagara's after-capital deficits will be moderate; its liquidity will be exceptional; and that its tax-supported debt burden, net of debt on-lent to self-supporting lower-tier municipalities, will remain below 50% of consolidated operating revenue within the two-year outlook horizon. Niagara continually strives to improve our credit rating, as it sends a strong, positive message to investors, and directly impacts our cost of borrowing in the capital markets.

Key Rating Factors Standard & Poor's Assessment
Institutional Framework Very Predictable and well-balanced
Economy Average
Financial Management Strong
Budgetary Flexibility Average
Budgetary Performance Strong
Liquidity Exceptional
Debt Burden Low
Contingent Liabilities Very Low



Debt Report

Department Total Debt as at December 31, 2015 Sinking Fund, Capital Lease, & EFMS Adjustments Total Adjusted Debt as at December 31, 2015 Year to Date
Debt Issued
Year to Date
Principal Payments
Total Adjusted Debt as at June 30, 2015 Forecasted Principal Payments Unissued
Debt
Total Forecasted Adjusted Debt & Unissued As at December 31, 2016
Niagara Region - Levy
General Government $ 20,859 $ (7,277) $ 13,582 $ 3,590 $ (978) $ 16,194 $ - $ 42,950 $ 59,144
Niagara Regional Police 88,327 12 88,339 4,500 (3,139) 89,701 (607) 16,976 106,070
Roads 81,740 3,402 85,142 12,213 (11,667) 85,688 - 70,378 156,066
Public Health 4,479 2,920 7,399 1,970 (1,100) 8,269 - 210 8,479
Community Services 24,241 893 25,134 - (2,224) 22,910 - - 22,910
Niagara Regional Housing 16,516 - 16,516 5,603 (1,716) 20,402 (96) 3,344 23,650
Planning 207 - 207 - (85) 121 - - 121
Total Levy 236,368 (50) 236,318 27,876 (20,909) 243,285 (703) 133,858 376,440
Niagara Region - Rate
Wastewater 64,766 379 65,145 - (2,645) 62,500 - 62,500
Water 10,204 94 10,298 - (437) 9,861 - - 9,861
Waste Management 4,411 - 4,411 - (1,417) 2,994   - 2,994
Total Rate 79,380 474 79,854 - (4,499) 75,355 - - 75,355
Total Niagara Region 315,748 424 316,173 27,876 (25,408) 318,640 (703) 133,858 451,795
Debt Assumed for Others (External) 251,899 81 251,980 28,226 (26,275) 253,932 (1,673) - 252,259
Total Niagara Region & External $ 567,648 $ 505 $ 568,153 $ 56,102 $ (51,683) $ 572,572 $ (2,376) $ 133,858 $ 704,054

2016 Debt Issuances

"Bylaw 35-2016: Capital Markets for $52,852, 10 years at 2.068 per cent. Niagara Region portion $27,876, Local Area Municipalities portion $24,976 (Fort Erie $2,200; Niagara Falls $1,471; Pelham $5,750; Port Colborne $296; St. Catharines $11,143; Welland $4,116).

Bylaw 36-2016: Infrastructure Ontario, $3,200, 30 years at 3.28 per cent for Town of Lincoln.

Tile Drainage TD2016-01-NF $50, 10 years at 6.0 per cent for Niagara Falls.

Annual Repayment Limits

  • Niagara Region - 6.45%
  • Fort Erie - 4.39%
  • Grimsby - 3.78%
  • Lincoln - 2.82%
  • Niagara Falls - 6.14%
  • NOTL - 3.96%
  • Pelham - 6.79%
  • Port Colborne - 6.98%
  • St. Catharines - 8.19%
  • Thorold - 2.15%
  • Wainfleet - 1.10%
  • Welland - 10.73%
  • West Lincoln - 4.41%
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