News release: September 20, 2022
The Region of Peel’s Aaa credit rating is reaffirmed by Moody’s Investors Service
Brampton, ON - (Sep. 20, 2022) – Moody's Investors Service 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 has held a Aaa credit rating with Moody's Investors Service since 2011.
The Region's Aaa credit rating is based on the Region's strong governance framework and prudent financial management practices. This rating reflects the Region's everyday commitment to managing tax dollars responsibly while delivering value-added, affordable services to residents and businesses today and over the long-term.
Moody's stated the Region's "conservative budgeting practices will continue to support its ability to maintain sizeable reserves that provide a large financial cushion against fiscal pressures". Moody's also noted the following credit strengths for the Region:
- Strong fiscal profile which benefits from economic growth and stable revenue sources
- Strong debt affordability supported by low interest rates and prudent debt management
- Robust governance within a supportive institutional framework
Maintaining a high credit rating is in alignment with Regional Council'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 of Peel being one of only eight Canadian regional municipalities to receive a Aaa credit rating from Moody's Investors Services is a significant accomplishment for our Council and staff who remain committed to ensuring Peel continues to be fiscally responsible as we continue to support our residents and businesses in building a Community for Life.
Gary Kent, Chief Financial Officer and Commissioner of Corporate Services, Region of Peel
Region of Peel
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.