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Debt Report - Quarter 2 Financial Update (2017) (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 financial management, 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 Average
Liquidity Exceptional
Debt Burden Low
Contingent Liabilities Very Low



Department Total Debt as at December 31, 2016 Sinking Fund Asset Adjustment Total Adjusted Debt as at December 31, 2016 Year to Date
Debt Issued
Year to Date
Principal Payments
Total Adjusted Debt as at June 30, 2017 Forecasted Principal Payments Unissued
Debt
Total Forecasted Adjusted Debt & Unissued As at December 31, 2017
Niagara Region - Levy
General Government $16,437 $(243) $16,194 - $(514) $15,680 $(1,074) $22,799 $37,406
Niagara Regional Police 90,000 (907) 89,094 - (994) 88,100 (2,799) 16,733 102,034
Roads 86,735 (1,047) 85,688 - (874) 84,814 (9,323) 105,731 181,222
Public Health 8,269 - 8,269 - (35) 8,234 (1,413) 12,618 19,439
Community Services 22,910 - 22,910 - (683) 22,227 (5,988) 19,535 35,775
Niagara Regional Housing 20,306 - 20,306 - (448) 19,858 (1,766) 8,736 26,828
Planning 121 - 121 - (29) 93 - - 93
Total Levy 244,778 (2,196) 242,582 - (3,576) 239,006 (22,363) 186,153 402,796
Niagara Region - Rate
Wastewater 67,140 (4,640) 62,500 - (2,625) 59,875 (100) - 59,776
Water 11,015 (1,154) 9,861 - (447) 9,414 - - 9,414
Waste Management 81,149 (5,794) 75,355 - (3,775) 71,580 (100) - 71,480
Total Rate 81,149 (5,794) 75,355 - (3,775) 71,580 (100) - 71,480
Total Niagara Region 325,927 (7,990) 317,937 - (7,351) 310,586 (22,462) 186,153 474,276
Debt Assumed for Others (External) 263,756 (1,085) 262,671 - (5,607) 257,064 (21,733) - 235,331
Total Niagara Region & External $589,683 $(9,075) $580,608 - $(12,958) $567,650 $(44,196) $186,153 $709,607

2017 Debt Issuances

As of June 30, 2017 no new debentures have been issued.

Annual Repayment Limits

  • Niagara Region - 7.26%
  • Fort Erie - 4.12%
  • Grimsby - 0.00%
  • Lincoln - 4.54%
  • Niagara Falls - 3.58%
  • NOTL - 2.79%
  • Pelham - 13.00%
  • Port Colborne - 6.68%
  • St. Catharines - 9.36%
  • Thorold - 0.67%
  • Wainfleet - 0.21%
  • Welland - 10.23%
  • West Lincoln - 0.00%

*Calculated with the most current FIR revenue figures available and scheduled 2017 debt servicing charges

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