Brampton retains Triple ‘A’ credit rating and a ‘Stable’ outlook
BRAMPTON, ON: Standard & Poor’s (S&P) today affirmed the City of Brampton’s Triple A rating. Along with the credit rating, S&P has issued a ‘Stable’ outlook for the City of Brampton. Triple ‘A” is the highest credit rating a municipality can receive and according to Standard & Poor’s (S&P), the rating reflects the City’s solid economic fundamentals.
According to S&P, the rating is due to a number of factors including:
Budgetary performance: Brampton has demonstrated strong financial management. It has a robust set of financial policies and annual financial statements are audited and qualified.
Exceptional liquidity: Brampton’s strong operating balances point to a robust cash flow capability.
Strong economy: It is well diversified and strong as a result of Brampton’s competitive tax rates, proximity to major markets and extensive transportation network. “The City of Brampton has made significant strides over the past two years to improve our financial management systems procedures,” said Mayor Linda Jeffrey. “
This Triple ‘A’ rating is a reflection of our continuing efforts to make Brampton a model of good municipal governance and maximizing our investment in the future of our city.” “Today’s Standard & Poor’s announcement reflects the strong sense of teamwork at the City of Brampton,” said Harry Schlange, Chief Administrative Officer. “Working within a framework of strong financial management, together we are committed to modernizing our operations and building a future ready Brampton.”
Excluding the United States of America, globally only 18 municipalities have a S&P Triple ‘A’ rating and Brampton is one of only six Canadian municipalities to have this rating. Standard & Poor’s is a worldwide leader in the provision of credit ratings and financial market intelligence.