Niagara Region sees its credit rating get upgraded to AA+
Published July 20, 2022 at 4:10 pm
After a few years of an AA credit rating, Niagara Region was one of 21 Canadian municipalities that saw a bump in its score.
Niagara is now rated as AA+, the second highest possible score for municipalities, given out by agency Standard & Poor’s.
Todd Harrison, Niagara’s Commissioner of Corporate Services and Regional Treasurer said the “accomplishment is reflective of the commitment made by our Council to implement strategic policies that make the best use of tax dollars and deliver positive results for our residents and communities.”
In its July report, Standard & Poor’s stated the Region’s improved standing reflects “its ability to maintain financial resiliency over time, including during a significant stress scenario like the COVID-19 pandemic.”
In its assessment, S&P noted Niagara Region and other municipalities did well to manage service levels and expenditures, which helped mitigate the financial stress of the pandemic.
Niagara Regional Chair Jim Bradley said the region had demonstrated resilient budgetary performance even when faced with extreme challenges like the COVID-19 pandemic.
“This improved rating from S&P shows there is broad confidence in the Region’s fiscal policies and its ability to meet financial obligations,” said Bradley. “I would like to acknowledge the support from senior levels of government during this period, as well as Regional Council’s commitment to deliver on what matters most to our residents, businesses and community partners.”