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Niagara Region retains ‘AA+’ credit rating and ‘stable’ outlook

Niagara Region continues to maintain its “AA+” credit rating, with a stable outlook, according to credit rating agency Standard and Poor’s (S&P).
 
In a report released Oct. 26, the rating agency states the Region benefits from manageable debt levels and very healthy liquidity, despite its increasing capital expenditures.
 
The report highlights the additional capital spending by Niagara Region and the reliance on more external debt in recent years to finance infrastructure upgrades.
 
As Niagara takes on more debt to pay for critical infrastructure, revenue growth will keep the debt burden manageable, according to S&P. The report says Niagara Region’s focus on long-term strategic and financial planning remains supported by well-documented and realistic assumptions.

In June 2022, S&P upgraded Niagara Region’s credit rating to an “AA+” standing, from “AA”.
 
The improved “AA+” rating affirms a continued commitment to the delivery of high-quality service while also focusing on affordability.
 
In the near term, the regional economy will continue to face headwinds from inflation pressures and rising recession risk.

Prudent financial management practices will continue to support the Region’s creditworthiness, the report states.

Quotes

"I commend the work Regional staff has undertaken to maintain the AA+ credit rating from Standard and Poor's. The stable rating reflects the sensible financial management of our leadership team and employees who strive every day to ensure Niagara remains on solid economic ground, even during these unprecedented times."
~ Jim Bradley, Regional Chair
"Solid financial management is important as Niagara Region continues to advance key strategic initiatives and responds to important challenges at the local level. The AA+ rating highlights our success in managing taxpayer dollars responsibly. I would like to thank Regional staff for their hard work and dedication and also acknowledge the support from members of Regional Council in decisions that aim to deliver positive results for our residents and communities."
~ Todd Harrison, Treasurer and Commissioner

Media Inquiries

Peter Criscione (Media Only)
Niagara Region
289-668-7802
peter.criscione@niagararegion.ca


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