BRAMPTON, ON (October 22, 2021) – Yesterday S&P Global Ratings (S&P) affirmed the City of Brampton’s Triple 'A' rating for 2021, the highest credit rating a municipality can receive, with a stable outlook. According to S&P, the rating reflects the City’s robust economy and financial management practices, which will support its recovery from the COVID-19 pandemic and future growth. The City of Brampton has maintained this rating consecutively for six years.
S&P states factors contributing to the City’s strong credit rating including:
- Brampton maintains its exceptional liquidity position, with debt service coverage stronger than that of its peers and it is expected that it will remain robust
- Brampton continues to be one of the fastest growing municipalities in Canada. Good socioeconomic and demographic characteristics, with younger-than-national average population and healthy population growth, proximity to major markets, and competitive tax rates attract new businesses and employment opportunities to the area.
- Brampton’s strong economic rebound to date reflects the city’s healthy growth potential.
The S&P rating reflects Brampton’s bright economic picture as COVID-19 recovery continues. Key sectors, such as logistics and manufacturing, are performing well and it’s expected that Brampton will remain a place of strong investment potential and development activity.
“This endorsement by S&P is a testament to Brampton being a Well-Run City and a vote of confidence in our commitment to being transparent and fiscally responsible. The City of Brampton has built great relationships with senior levels of government that has allowed us to be exceptionally resilient. We are committed to providing value to residents and tax-payers, especially as we continue to recover from COVID-19.”
- Patrick Brown, Mayor, City of Brampton
“As we continue to navigate the pandemic and recovery, we remain committed to providing support to our community and local businesses. We continue to work on projects and initiatives that strengthen Brampton and position it for ongoing success.”
- Harkirat Singh, City Councillor, Wards 9 & 10; Chair, Corporate Services, City of Brampton
“Throughout the pandemic, Brampton has maintained a strong fiscal position that continues to prepare us for future prosperity and stability. Brampton is a Well-Run City, and this endorsement by S&P reinforces our commitment to the community and support to sectors across the city as we continue to invest in our future growth, innovation and development.”
- David Barrick, Chief Administrative Officer, City of Brampton
-30-As one of the fastest-growing cities in Canada, Brampton is home to more than 700,000 people and 75,000 businesses.
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