News release: September 16, 2021
S&P Global Ratings Reaffirms Region of Peel’s Triple A Credit Rating
Brampton, ON. (September 16, 2021) – S&P Global Ratings has reaffirmed the Region of Peel's AAA credit rating with a stable outlook, which is the highest rating a municipal or regional government can achieve. The Region is one of nine Canadian municipalities to receive a AAA credit rating from S&P. The Region has maintained a Triple A credit rating for 26 consecutive years.
The Region's AAA credit rating is based on the Region's prudent financial management and supportive institutions that bolster the credit profile. This rating reflects the Region's every-day commitment to managing tax dollars responsibly while delivering value-added, affordable services to residents and businesses today and over the long-term.
S&P stated the Region’s “stable outlook reflects S&P Global Ratings' expectations that the Region will continue to implement strong long-term financial planning policies such that its budgetary performance remains very strong, generating after-capital surpluses.” S&P also noted the following credit strengths for the Region:
- High income levels, a diverse economy, and federal income support programs foster stability in the Region's property tax base despite the negative impact from the pandemic.
- Management has implemented adequate measures to offset some of the revenue loss and the increase in expenditures from the pandemic.
- A very predictable and well-balanced local and regional government framework supports the rating.
Maintaining a high credit rating is in alignment with the Region's Long Term Financial Planning Strategy (LTFPS), which guides Regional investments in services, programs and infrastructure to meet the needs of Peel residents, businesses and community partners today and in the future. It also supports the Region's 20-year Strategic Plan with a vision of building a Community for Life across Peel.
A high credit rating provides access to lower long-term borrowing costs for the Region of Peel as well as Brampton, Caledon and Mississauga for investments in infrastructure such as water, wastewater, transit, roads, affordable housing and other municipal infrastructure. This ensures Peel’s services remain affordable and sustainable for both residents and businesses, now and in the future.
Gary Kent, Chief Financial Officer and Commissioner of Corporate Services, Region of Peel
Manager, Strategic Client Communications
Region of Peel
The Region of Peel works with residents and partners to create a healthy, safe and connected Community for Life for approximately 1.5 million people and over 175,000 businesses in the cities of Brampton and Mississauga and the Town of Caledon. Peel's services touch the lives of residents every day. For more information about the Region of Peel, explore peelregion.ca and follow us on Twitter @regionofpeel and Instagram @peelregion.ca.