County maintains AAA credit rating

WELLINGTON COUNTY –  Standard & Poor’s (S&P) Global Ratings has announced the County of Wellington will maintain its AAA credit rating, Outlook Stable. 

The AAA credit rating is the highest possible rating that any municipality can achieve.

S&P is an independent company that looks at municipalities and corporations around the world and analyzes their capacity to meet financial obligations. Municipalities that borrow under the AAA credit rating access the best possible capital financing rates and minimize long-term infrastructure capital financing costs.

“The county’s operating performance and financial management continues to remain incredibly strong,” stated Warden Andy Lennox in an Oct. 26 press release from the county.

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

Standard & Poor’s highlighted the following areas in determining the AAA credit rating:

– strong local economic foundations and effective management practices will position Wellington favorably in challenging conditions;

– stable revenue growth will support healthy operating balances, while inflationary pressures will escalate capital requirements.

– future debt issuance is in line with an increasing capital plan and corresponds with the needs of an expanding population;

– the county’s economy benefits from the advantageous location close to the 401 and with robust recent housing development, Wellington will remain an attractive destination for new residents.

Funds go further

“Maintaining the AAA credit rating allows public funds to go further, and helps the county invest in critical infrastructure projects that make Wellington County a wonderful place to live, visit and do business,” said councillor Chris White, who chairs the county’s administration, finance and human resources committee.