The County of Wellington has maintained it’s AA+ credit rating as recently published by the Standard and Poor’s Credit Rating Agency. The rating comes with a stable outlook.
“This is a reflection of the hard work of both Wellington County staff and county council,” says Warden George Bridge. “It’s rewarding to know that our efforts at balancing costs, expenditures and investment in infrastructure and people are resulting in a strong quality of life that continues to be enjoyed by our residents.”
In its report, Standard and Poor’s indicates the county’s financial policies are prudent and financial documents demonstrate a good degree of transparency and fiscal discipline. Among the areas highlighted by Standard and Poor’s:
– the County’s very strong and stable economy, anchored by its diverse manufacturing and agricultural sectors and focus on attracting smaller-but-higher value sectors such as health care and creative professionals;
– a very strong budgetary performance;
– exceptional liquidity position;
– a very low debt burden;
– strong financial management; and
– very low contingent liabilities
“Not only does this rating provide confidence to our residents that their hard-earned tax dollars are being managed effectively and responsibly,” says councillor Dennis Lever, the chair of the County’s administration, finance and human resources committee, “it also means savings for the county by reducing the cost of borrowing needed to finance future capital projects.”
With more than 150 years of history, Standard and Poor’s is the world’s leading providers of independent credit risk research and benchmarks, helping clients, investors and other market participants make more informed business and investment decisions. In 26 countries around the world, Standard and Poor’s analysts, managers and economists engage with senior managers and industry leaders and assess the factors and trends that affect creditworthiness.
