County maintains highest possible credit rating

WELLINGTON COUNTY – The county has maintained its triple-A credit rating – the highest possible rating a municipality can achieve.

The county’s AAA credit rating was announced recently by Standard and Poor’s Global Ratings, an independent company that looks at municipalities and corporations around the world and analyzes their capacity to meet financial obligations.

Municipalities with a triple-A rating can access the best borrowing rates to finance capital projects, and minimize long-term infrastructure capital financing costs.

“The county’s operating performance and financial management continues to remain incredibly strong,” Warden Andy Lennox stated in a news release.

“Maintaining this strong credit rating shows that the county is well managed, and that council is fiscally responsible balancing needs with resources.

“The AAA credit rating also results in a lower cost of borrowing to help finance future capital projects for the county and its member municipalities.”

Standard and Poor’s highlighted the following areas for the AAA credit rating:

Wellington will maintain stable income levels and low unemployment, within a strong economy;

prudent financial management practices strengthen the credit profile;

like other Canadian municipalities, Wellington’s relationship with the Government of Ontario will remain extremely predictable and supportive;

the county will continue to post healthy operating balances, anchored by an expanding assessment base; and

strong budgetary performance will support a moderate debt burden, primarily consisting of debt issued by lower tiers.

“Responsible financial planning allows the county to maintain quality services and programs for all residents and businesses,” stated councillor Chris White, chair of the administration, finance and human resources committee.

“County council will continue to focus on advancing key service priorities.”