October 17, 2002

Moody’s Investor Service assigns York Region its highest credit rating for third consecutive year

NEWMARKET – Moody’s Investor Service has assigned the Regional Municipality of York its highest credit rating of Aaa. This marks the third consecutive year that the Region has received this rating.

According to Moody’s, the Region "continues to post impressive financial results due to prudent fiscal policies and experienced management".

"It is a distinct pleasure to once again receive this impressive rating," said Bill Fisch, Regional Chair and CEO. "As York Region continues to plan and build for the future, this rating reaffirms our promise to our taxpayers to be fiscally responsible and practise sound financial management."

The Aaa credit rating allows York Region to finance capital projects at rates more favourable than organizations with lower ratings. Because of the Aaa credit rating, York Region is in position to save taxpayers approximately $4 million on a $100 million debenture over a 20-year period.

"The outlook for maintaining the Aaa debt rating remains positive," said Aurora Mayor Tim Jones, Chair of the York Region Finance and Administration Committee. "The prudent policies adopted by Council remain in place, as does the financial strength of the local municipalities which contribute to achieving this rating."

A credit rating is a neutral third party assessment of financial health at a given point in time. Factors that affect the credit rating of a municipality include assessment growth, tax rates, reserves, tax collection rates and a corporation’s fiscal policies and practices.

For more information on the Regional Municipality of York, the services we offer and links to our nine area municipalities, please visit our Web site at: www.region.york.on.ca


Contact: Masrine Guthrie-Peart, Corporate Communications Services, York Region

The Regional Municipality of York is committed to providing cost-effective, quality services that respond to the needs of our rapidly growing communities.  York Region is comprised of the following nine area municipalities:  Aurora, East Gwillimbury, Georgina, King, Markham, Newmarket, Richmond Hill, Vaughan and Whitchurch-Stouffville.  For more information, visit our Web site at:  www.region.york.on.ca

Contact: Patrick Casey, Senior Media Relations Specialist, York Region

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