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 report notes that the stable rating comes as a result of Niagara’s prudent debt and liquidity practices and strong financial management. The report highlights 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 the Region’s low debt and exceptional liquidity were viewed as a key credit strength, in addition the recently implemented integrated financial management system had a positive impact on the region’s credit rating.
Standard and Poor’s indicates 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.
Note: while it is standard procedure for the Region to receive a credit report from Standard and Poor’s annually, this confirmation report is result of some methodology changes at S&P. Niagara Region’s credit rating will be reassessed again in Fall 2018.
"The continuation of this positive and stable credit rating reinforces that Niagara is headed in the right direction fiscally. A secure credit rating lets investors and residents know they can have confidence in the Region's finances and that we are working with them to build a prosperous Niagara."
~ Regional Chair, Alan Caslin
Daryl Barnhart, APR