On June 11, S&P Global Ratings affirmed Halton’s AAA credit rating, praising Halton’s superior budgetary performance, low exposure to risks and high-quality financial plans, policies and reports.
“We are proud to have preserved our top credit rating throughout the current term of Council,” said Gary Carr, Halton Regional Chair. “This distinction helps us continue to keep taxes low and support a high quality of life by ensuring tax dollars go further when we invest in community infrastructure. It also demonstrates great international confidence in Halton and ranks us at the high end of Canadian municipalities.”
Earning the highest possible credit rating provides the Region, the City of Burlington and the Towns of Halton Hills, Milton and Oakville with access to the best capital financing rates available. Halton plans to invest $4.2 billion into road, water and wastewater infrastructure over the next 10 years, and a top credit rating allows the Region to finance these projects at the lowest possible long-term costs. This ensures that every dollar spent achieves the maximum impact and value for residents.
To support its decision, S&P provided the following rationale:
- very strong and well-diversified economy integrated within the GTA with consistent growth;
- very strong financial management with well-defined prudent and conservative financial policies, well-documented financial plan, and stable and well-qualified management team;
- very strong and stable budget performance, very low debt burden and very low contingent liabilities; and
- exceptional internal liquidity support, access to external liquidity for refinancing needs and very robust internal cash flow generation capability.
The research update also included a stable outlook for the future and praised the Region’s track record of good financial discipline, budgetary flexibility and proven capacity to successfully implement its Strategic Action Plan.
S&P’s decision follows Moody’s Investors Service upholding its Aaa rating for Halton (the agency’s highest) in January 2018. To learn more about Regional finances, please visit halton.ca.
The Regional Municipality of Halton serves 570,000 residents in the City of Burlington, the Town of Halton Hills, the Town of Milton, and the Town of Oakville. Halton Region is committed to meeting the needs of its residents through the delivery of cost-effective, quality programs and services, including water and wastewater; Regional roads and planning; paramedic services; waste management; public health; social assistance; children’s and seniors’ services; housing services; heritage programs; emergency management and economic development. For more information, call 311 or visit Halton Region’s website at halton.ca.