Moody’s Investors Services reaffirms AAA rating for Halton Region

Moody’s Investors Services reaffirms AAA rating for Halton Region

Release Date: Feb 3, 2014

Once again this year, Moody’s Investors Services has assigned the AAA credit rating to Halton Region in recognition of the Region’s strong financial position and prudent budgetary practices. In its annual review, Moody’s attached a “stable outlook” to this rating indicating its confidence in Halton’s ability to maintain this standing in the future.

“Value to taxpayers is a critical component of decision making at Regional Council,” said Regional Chair Gary Carr. “The AAA rating assigned to us by both Moody’s Investor Services and Standard & Poor’s is the highest achievable credit rating. This rating demonstrates that we are fiscally responsible with our budget and that is why we have been able to freeze or reduce taxes for the last eight years, while enhancing and maintaining service levels. This is one of best records in all of Canada.”

Achieving an AAA rating ensures that Halton Region and the four Local Municipalities that borrow under this credit rating will continue to obtain the best possible capital market financing rates, minimizing the longer term costs of infrastructure capital. Moody’s based the AAA rating on a number of factors including Halton’s:

  • forward looking fiscal planning, positive operating results and stable revenue flows
  • strong fiscal flexibility to address fiscal pressures
  • prudent and conservative debt management and investment practices
  • strong fiscal governance and management characteristics, supported by comprehensive, transparent and timely financial reporting

Last July, Standard & Poor’s also affirmed the AAA credit rating for Halton Region. Moody’s Investors Services has stated, "The AAA debt rating assigned to the Regional Municipality of Halton reflects high levels of liquidity, a moderate debt burden, and a relatively affluent economic base. With stable revenue flows and a well-managed expense base, the region has a strong track record of surpluses, which support the AAA rating. The rating also takes into account the region’s prudent fiscal management practices and commitment to long-term planning, which have supported the generation of strong financial outcomes. "

In December 2013, Regional Council approved a 0.4 per cent property tax reduction for Regional tax supported programs and services. To learn more about Halton’s budget process visit www.halton.ca/budget and view the recent video blog posted by Chair Carr about the State of the Region External Link.

The Regional Municipality of Halton serves more than 500,000 residents in the City of Burlington, the Town of Halton Hills, the Town of Milton, and the Town of Oakville. Halton Region is committed to meeting the needs of its residents through the delivery of cost-effective, quality programs and services, including water and wastewater; Regional roads and planning; paramedic services; waste management; public health; social assistance; children’s and seniors’ services; social/non-profit housing; heritage programs; emergency management and economic development. For more information, dial 311 or visit Halton Region’s website at www.halton.ca.

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Media Contact:
Mark Scinocca
Commissioner, Finance and Regional Treasurer
Halton Region
905-825-6000, ext. 7043

Alternate Media Contact:
Stacey Hunter
Acting Communications Advisor
Halton Region
905-825-6000, ext. 7529
stacey.hunter@halton.ca