WELLINGTON COUNTY – Recently, Standard and Poor’s (S&P) Global Ratings announced Wellington County will maintain its AAA credit rating, with a stable outlook.
This is the highest possible rating that any municipality can achieve, county officials say.
“The county continues to operate under very prudent fiscal financial management,” said Warden Chris White.
“A strong credit rating results in a lower cost of borrowing to help finance future capital projects for the county and its member municipalities. County council will continue to focus on advancing key service priorities.”
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.
Standard and Poor’s highlighted the following areas for the county’s AAA credit rating:
– steady income levels are anticipated in a strong economy with favourable geographic location;
– solid operating balances, anchored by stable tax receipts and prudent financial management;
– a capital plan mostly funded through accumulated capital reserves, supporting a moderate debt burden; and
– expected to maintain healthy reserves, contributing to exceptional liquidity.
