Brampton Retains Standard & Poor’s Triple ‘A’ Credit Rating
Wednesday, Jan 31 2007, 02:00
The City of Brampton has retained Standard & Poor's Triple ‘A’ (AAA) credit rating in 2007. It is the highest credit rating a municipality can receive and it reflects Brampton’s debt-free position, exceptional liquidity levels and excellent economy.
“I am delighted that Brampton has retained its Triple ‘A’ credit rating. It shows us that our strategic plans for the city are well on track. It also reflects the fact that we are conscientious in investing the City’s resources to make sure our citizens and corporations get the most for their hard-earned dollars,” said Mayor Susan Fennell. “This rating reiterates Brampton’s strong economic position and places us among the elite in Canada.”
According to Standard & Poor’s, the stable outlook reflects the expectations that Brampton will continue to fund its capital plans internally and that liquidity levels will remain strong. It is also based on the expectation that the City’s economy will remain strong and stable.
Brampton’s strong reserve balances are partially maintained through a legacy fund established with the proceeds of the sale of its utility operations in 2001, attesting to the prudence of Brampton’s management team. The fund’s preserved principal earns investment income to help finance Brampton’s operating and capital expenditure.
“A Triple "A" rating from Standard & Poor’s is a solid benchmark of a municipality’s financial strength,” said Allan Ross, Commissioner of Finance and City Treasurer. “Currently only seven municipalities in Canada and only four additional municipalities globally, excluding the United States have this rating."
Standard & Poor’s is a world-wide leader in the provision of credit ratings and financial market intelligence. For its comprehensive rating on the City of Brampton, visit www.standardandpoors.com.
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