Niagara's credit rating is holding steady as a new report shows the Region has a ‘stable’ outlook.
Standard & Poor’s Global Ratings has reaffirmed Niagara Region’s credit rating as AA+ with a stable outlook.
The rating agency praises the Region’s financial management practices and lists its strong institutional framework as being key to the rating.
The agency also highlights the amalgamation of regional transit and corresponding upload under a new transit commission as a success for Niagara.
However, the document warns of challenges the Region faces to maintaining its current score.
It says the regional economy will continue to face challenges from inflation and high interest rates.
It notes that the Region with need to manage growth–related debt as it continues to build up services and infrastructure to meet community needs.
“Solid financial management is important as Niagara Region continues to advance key initiatives that aim to make our communities stronger. The AA+ rating highlights our success in managing taxpayer dollars responsibly. I would like to thank Regional staff for their hard work and dedication and acknowledge the support from members of Regional Council in decisions that aim to deliver positive results for our residents and communities.” Todd Harrison, Treasurer and Commissioner