The Region of Peel’s Triple A credit rating, which is the highest rating a municipal or regional government can achieve, has been reaffirmed by S&P Global Ratings. The Region’s Triple A credit rating has now been reaffirmed by both S&P Global Ratings and Moody’s Investors Services. The Region has maintained a Triple A credit rating for 25 consecutive years.
S&P Global Ratings stated that the Region’s “recovering economy will continue to support regional revenues and healthy operating surpluses.” These were contributing factors to the Region’s Triple A credit rating. S&P Global Ratings also noted the following credit strengths for the Region:
- Prudent financial management, allowing it to keep generating healthy operating surpluses, despite pandemic-related operating pressures
- A diverse economy supports Peel’s revenues; very strong management and institutional framework
- Expectation that the Region will continue to generate healthy operating surpluses in the next two years and that after-capital balances will remain positive on average for 2018-2022
Maintaining a high credit rating is in alignment with the Region’s Long Term Financial Planning Strategy (LTFPS), which guides Regional investments in services, programs and infrastructure to meet the needs of Peel residents, businesses and community partners today and in the future. It also supports the Region’s 20-year Strategic Plan with a vision of building a Community for Life across Peel.
“This rating reflects the Region’s every-day commitment to managing tax dollars responsibly while delivering value-added, affordable services to residents and businesses today and over the long-term. A high credit rating provides access to lower long-term borrowing costs for the Region of Peel, as well as Brampton, Caledon and Mississauga for investments in infrastructure,” said Nando Iannicca, Chair of the Regional Council.
The Region of Peel works with residents and partners to create a healthy, safe and connected Community for Life for approximately 1.5 million people and over 175,000 businesses in the cities of Brampton and Mississauga and the Town of Caledon. Peel’s services touch the lives of residents every day. For more information about the Region of Peel, explore peelregion.ca and follow us on Twitter @regionofpeel and Instagram @peelregion.ca