Standard & Poor’s cite York Region’s solid economic outlook and sound fiscal management
NEWMARKET – Standard & Poor’s have affirmed a AAA credit rating for The Regional Municipality of York for the 10th consecutive year.
“Standard and Poor’s rating recognizes our need to proceed with vital infrastructure, particularly in the area of water and wastewater,” said York Region Chairman and CEO Bill Fisch. “The rating also confirms Regional Council and staff remain on the right track with respect to our financial decisions.”
The rating agency cited in its report:
• York Region’s highly diversified, dynamic economy that is well-integrated within the broader economy of the Greater Toronto Area
• York Region’s strong liquidity, including access to approximately $500 million in Development Charge (DC) reserves
• York Region’s need to install certain infrastructure (particularly for water and wastewater) ahead of development
“This is welcome news for York Region and our taxpayers,” said Town of Richmond Hill Mayor David Barrow, Chair of the Region’s Finance and Administration Committee. “York Region’s favourable credit rating means the Region will continue to benefit from favourable borrowing rates for financing our major capital infrastructure projects.”
The Region also holds a AAA credit rating from Moody’s Investors Service, maintained since 2000.
Both Standard and Poor’s and Moody’s have taken into consideration York Region's rapid population growth, expanding assessment base and robust economy as part of their ratings.
York Region is a thriving municipality, boasting a population of 1,060,000 people and 501,000 jobs. York Region is expected to grow to more than 1.5 million people by 2031 due in part to Ontario’s Places to Grow legislation, which sets out a comprehensive growth strategy for the Greater Toronto Area (GTA) and Golden Horseshoe.
For more information on The Regional Municipality of York, please visit www.york.ca
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Media Contact: Ken Turriff, Corporate Communications, York Region
Phone: 905-830-4444, ext. 1226 or Cell: 905-251-6415