County of Simcoe maintains AA credit rating

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Based on prudent fi nancial management and supportive institutional framework, the County of Simcoe has received an “AA” credit rating from S&P Global Ratings.

This is the eighth consecutive year the County has received this rating. S&P Global Ratings also noted the County’s stable economy will support the local recover from the effects of the COVID-19 pandemic.

The rating indicates that the County will continue to fund its capital plans largely internally with minimal reliance on debt, even as it implements significant infrastructure, housing, and long-term care development over the next few years.

“The County’s commitment to managing taxpayers’ money wisely and effi ciently has earned us eight straight years of an AA rating,” said Warden George Cornell. “When it comes to our communities and the people we serve, the County ensures that we are able to support those who need us the most with investments in programs, services, funding initiatives and infrastructure, while maintaining responsible tax levels for our residents.”

The stable outlook refl ects S&P’s expectations that the County’s strong budgetary performance and very strong liquidity will keep reliance on debt minimal.

S&P stated that prudent fi nancial management practices underpin the sustainability of Simcoe’s budgetary performances and debt burden, and modest after capital deficits will minimize the need for new debt issuance.

S&P also notes that the County’s liquidity remains strong, continuing to backstop its creditworthiness.

S&P expects that the County’s relationship with the province of Ontario will remain well balanced and supportive. S&P Global Ratings is a global company that provides high-quality market intelligence in the form of credit ratings, research, and leadership.

Brian Lockhart, Local Journalism Initiative Reporter, New Tecumseth Times

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