Niagara Region continues to maintain its “AA” credit rating, with a stable outlook, according to a recent report released by Standard and Poor’s, the credit rating agency.
The stable rating comes as a result of Niagara’s exceptional liquidity, low debt burden, and strong financial management, says the report.
Standard and Poor’s notes that Niagara Region demonstrates strong financial management and points to the Region’s robust annual operating and capital budget documents which are shared with auditors and residents alike, allowing for good disclosure and transparency.
The report also points to the Region’s organizational strength, focus on long-term economic strategy and expected continuity of senior management as positive contributors towards its credit profile. They noted that debt and liquidity management practices were viewed as prudent and that financial planning and the associated policies, in addition to the recently implemented integrated financial management system, had a positive impact on the region’s credit rating.
The credit rating agency also reports that the Region’s rating could be increased if significant and sustained growth in population and household incomes were to occur.
"This credit rating continues to reflect the positive management of our Region’s fiscal resources . Our plan to foster economic prosperity across Niagara is starting to see real results and this stable AA rating underscores our success. A secure credit rating lets investors and business leaders know they can have confidence in the Region and we are ready to work with them to build a prosperous Niagara."
~ Regional Chair, Alan Caslin
"Our stable AA credit rating proves that the hard work of our staff, under the direction of Regional Council, continues to be noticed and validated. Our strong financial management practices, transparency and dedicated staff and leadership teams all have played a key role in maintaining our stable rating. I am proud of all the work we have done to get here and look forward to continuing to move forward on Regional Council’s priorities in 2017."
~ Carmen D’Angelo, Chief Administrative Officer for Niagara Region
Office of the Regional Chair
905-980-6000 ext. 3371