Region maintains Moody’s Triple A credit rating
Durham Region has maintained its Triple A credit rating with Moody’s Investors Service (Moody’s), being one of eight Canadian municipalities to achieve this rating.
Durham Regional President John Henry said maintaining a Moody’s AAA credit rating is a “significant achievement and reflects the region’s long-standing commitment to long-term financial planning, fiscal sustainability. and affordability for taxpayers ”.
“The accreditation also supports Durham’s reputation as a leader in tax management and gives our stakeholders confidence that we are handling their tax dollars responsibly,” he says.
According to Moody’s, “Durham Region enjoys a number of credit strengths, including low debt levels, economic diversity, a positive operating profile and prudent fiscal management.
“The accreditation also recognizes the region’s commitment to multi-year financial planning as a major credit force in response to Durham’s continued population growth and increased demand for regional programs and services.
The budget process begins each year with the development of the annual asset management report as well as a multi-year forecast, which helps the region identify and prepare for future challenges.
This long-term financial planning approach makes it possible to identify the key priorities of regional councils upstream of the budget process to enable them to move forward taking into account the current economic environment.
Nancy Taylor, Commissioner of Finance for Durham Region, says that maintaining the key rating factors outlined by Moody’s, such as strong fiscal management, strong fiscal performance and a manageable debt burden, “reflects the principles of our long-term financial planning framework, including financial sustainability, flexibility and affordability.
“This framework allows us to advance strategic regional initiatives while taking into account program pressures, economic challenges and uncertainties,” she said.