Durham Region maintains Triple A credit rating from Moody’s

Whitby, Ontario – The Regional Municipality of Durham has maintained its Triple A credit rating with Moody’s Investors Service (Moody’s). The Region is currently one of only eight Canadian municipalities to have been awarded the Triple A rating by this agency.

According to Moody’s, Durham Region benefits from a number of credit strengths, including low debt levels, economic diversity, a positive operating profile and conservative fiscal management. The accreditation also recognizes the Region’s adherence to multi-year financial planning as a major credit strength in response to Durham’s steady population growth and increased demand for Regional programs and services.

Each year, the budget process begins with the development of the annual asset management report as well as a multi-year forecast, which helps the Region to identify, and prepare for, future challenges. This long-term financial planning approach allows key Regional Council priorities to be identified early in the budget process to allow them to move forward in consideration of the current economic environment. For more information on the Durham Region’s 2021 Business Plans and Budgets, visit durham.ca/Budget.

Quotes

“Maintaining a Triple A credit rating from Moody’s is an important achievement and reflects Regional Council’s long-standing commitment to long-term financial planning, fiscal sustainability and taxpayer affordability. The accreditation also supports Durham’s reputation as a leader in fiscal management and gives our stakeholders confidence that we are managing their tax dollars responsibly.”

- John Henry, Regional Chair and CEO

“Upholding the key ratings factors outlined by Moody’s such as solid fiscal management, strong budgetary performance and manageable debt burden reflects the principles of our long-term financial planning framework including financial sustainability, flexibility and affordability. This framework allows us to move strategic Regional initiatives forward while accommodating program pressures, economic challenges and uncertainties.”

- Nancy Taylor, Commissioner of Finance

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For more information, contact Corporate Communications.