News release: September 12, 2022
The Region of Peel has maintained a Triple A credit rating for 27 consecutive years
Brampton, ON - (Sep. 12, 2022) – 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 receive. The Region is one of 14 Canadian municipalities to receive a AAA credit rating from S&P. The Region has maintained a Triple A credit rating for 27 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, in the next two years, 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:
- The Regional Municipality of Peel benefits from solid budgetary performance with high operating balances and manageable capital expenditures, as well as from very high liquidity.
- Peel's robust financial management practices are broadly in line with those of other GTA regional municipalities and contribute to our view of the region's high creditworthiness.
- Peel benefits from an extremely predictable and supportive local and regional government framework that has demonstrated high institutional stability and evidence of systemic extraordinary support in times of financial distress.
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.
The Region receiving a AAA credit rating for 27 consecutive years demonstrates Peel’s commitment to being fiscally responsible in managing our tax dollars. This high rating continues to provide the Region with access to lower long-term borrowing costs which will enable continued support of our residents and businesses in building a Community for Life.
Gary Kent, Chief Financial Officer and Commissioner of Corporate Services, Region of Peel
Media contact
Genevieve Ricciardella
Communication Specialist
Region of Peel
Tel: 905-965-5967
About Peel Region
Peel Region 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.
