The City of Barrie has maintained its ‘AA’ credit rating according to the latest report from Standard & Poor’s. This report is issued annually from Standard & Poor’s which is a financial services company that offers services including credit ratings, data analysis and equity research to both the private and public sectors worldwide.
“S&P’s ‘AA’ credit rating is great news for Barrie. It reflects the strength of our economy and the dedication of both Council and City staff to building a solid financial foundation that will support our city for years to come,” says Mayor Jeff Lehman. “Since the credit rating establishes the City’s cost of borrowing, maintaining this rating has a direct impact on residents’ taxes. Our residents may not always realize that their taxes are ultimately lower because of long term fiscal policies and the City’s strong budget process, but this report shows that’s true in the eyes of the credit agencies.”
The report attributes the ‘AA’ rating to the city’s strong economy, exceptional liquidity position, and strong budgetary flexibility. The stable outlook reflects Standard & Poor’s expectations that Barrie’s economy will demonstrate healthy economic growth, and its liquidity position will remain exceptional over the next two years.
The report also highlighted the City’s strong financial management practices, strong political consensus in passing budgets, and transparency in its financial statements.
“S&P’s rating is positive and reflects the commitment of both staff and Council to develop and follow long-term affordable plans,” says Craig Millar, Director of Finance and Treasurer.