Region of Durham maintains strong credit ratings

Whitby, Ontario – The Regional Municipality of Durham has maintained its Triple “A” credit rating with stable outlook from two key rating agencies, and remains one of only seven Canadian municipalities to hold this distinction. Both Moody’s Investors Service, Inc. (Moody’s) and S&P Global Ratings (S&P) have confirmed the Region’s Triple “A” ratings; reflecting the Region’s very strong financial management, budgetary performance and manageable debt burden.

“The Regional Municipality of Durham has a solid reputation as a leader in fiscal responsibility and integrity,” said John Henry, Regional Chair and Chief Executive Officer. “For decades, Regional Council has supported strong financial management, financial policies and long-term financial planning practices; which underpin our Triple “A” credit rating. The Region has a sustained track record of strong financial results.”

“Both ratings demonstrate that the Region’s finances are being managed responsibly and sustainably,” said Adrian Foster, Chair of the Finance & Administration Committee. “Regional Council has ensured that taxpayer dollars are prudently invested in key Regional programs and services, while continuing to meet the growing needs of our communities.”

“Our long-standing and disciplined approach to financial management and long-term financial planning gives us the financial flexibility to respond to program pressures and unanticipated expenditures—all while keeping debt manageable and affordable,” said Nancy Taylor, Commissioner of Finance.

In late 2018 and early 2019, both S&P and Moody’s, respectively, reviewed The Regional Municipality of Durham’s credit fundamentals, including budgetary performance, liquidity profile and debt burden. Durham Region’s local-tier municipalities also benefit from the Region’s credit ratings, when borrowing for major capital projects.

The Region’s business planning and budgets process includes the development of an annual asset management report, as well as a multi-year forecast. This helps the Region to identify Regional priorities, and prepare for, future challenges. The approach to long-term financial planning is guided by the principles of fiscal sustainability, financial flexibility and taxpayer affordability. These principles enable key Regional Council priorities and critical public services to be identified early in the budget process and sustained over the longer term. To learn more about the Region’s business planning cycle visit durham.ca/budget.

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