Mississauga’s ‘robust economy’ garners AAA credit rating for 18th-straight year
Published October 6, 2021 at 11:16 am
The City of Mississauga’s AAA credit rating, received this week for an 18th-straight year, puts it in an excellent position to rebound strongly from the devastating financial impacts of the COVID-19 pandemic, says the international organization that delivers the ratings.
“In our view, Mississauga’s credit profile benefits from very strong financial management. We believe the largely stable management team is well qualified and experienced to effectively enact appropriate fiscal policies, as well as respond to external risks, most recently the COVID-19 pandemic,” says the report from Standard & Poor’s Ratings Services, which for the past 150 years has provided credit ratings for organizations in 26 countries around the world.
The AAA rating, the highest available, suggests the City of Mississauga has extremely strong capacity to meet its financial commitments.
City officials say the rating was based, in part, on the City’s strong financial management practices, the assistance received and actions taken during the COVID-19 pandemic to mitigate losses and the strength of Mississauga’s “dynamic and diversified local economy.”
Mayor Bonnie Crombie said the AAA rating is a badge of honour.
“Once again, Mississauga has been recognized as a municipal leader in effective fiscal stewardship,” said Crombie. “Our City’s AAA credit rating gives the business community the certainty they need to continue to invest in Mississauga and contribute to the city’s recovery and growth. This rating comes at a critical time as we pivot towards economic recovery and building back better, while balancing the ongoing city-wide impacts of the pandemic on the delivery of our services and programs for residents.”
The Standard & Poor’s report further noted that, “Mississauga’s real economic growth will rebound strongly this year in light of high and increasing vaccination levels and the loosening of many COVID-19 related social distancing restrictions in the province. The city has a dynamic and diversified economy, owing to the life sciences, advanced manufacturing, financial services, and information and communications technology sectors that fuel a robust economy. We believe that Mississauga’s competitive tax rates, proximity to major markets, and extensive transportation network…have also aided its economy and helped attract and retain investment.”
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