The Niagara Region is being recognized for its stable financial outlook by a major credit rating agency.
In S&P Global Ratings' latest report, the Niagara Region received a AA+ credit rating for its strong financial management.
The Region has maintained the score for 3 years in a row.
A credit rating reflects how well an organization is managed financially and looks at the current state of the local economy, and local government framework.
S&P Global Ratings made positive comments about the Region’s prudent financial management practices and transparent financial reporting disclosure.
The rating agency also highlights the economy in the region in key industries like health care, manufacturing and trade, while additionally noting recent investments in emerging sectors, such as the electric vehicle battery separator facility planned in Port Colborne.
The report notes that as the Region continues to invest in infrastructure, such as water and wastewater, and transportation projects, that debt will increase to fund the Region and local capital plan, but the debt burden will remain manageable.
“Once again, Niagara Region has shown that our approach to managing the Region’s finances is inline with our peers and industry best practices. Having this AA+ credit rating validates our commitment to fiscal responsibility, as outlined in our Council Strategic Priorities. I need to emphasize that this has been a team effort by Regional staff. Colleagues from Community Services, Corporate Services, Public Health and EMS, Public Works, and Economic Development came together collectively during the S&P evaluation process. I would like to congratulate and thank everyone for their hard work in helping the Region achieve this rating. I also extend my appreciation to Regional Council for their ongoing support.” - Dan Carnegie, Treasurer and Commissioner of Corporate Services