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City of Mississauga Rated "AAA" By Standards & Poor's Five Years In a Row

Sep 19, 2008

Standard & Poor's Ratings Services assigned its 'AAA' credit rating on the City of Mississauga for the fifth straight year, based on the City’s exceptional liquidity levels, debt-free position, and strategically located economy.

According to Standard & Poor's, "Mississauga's long-standing debt-free position continued into 2007, keeping the City well ahead of its domestic and international peers in this regard. The stable outlook reflects our expectation that the City's economy will remain robust, its planned debt issuances will not occur sooner than currently anticipated, its cash balances will evolve in line with forecast, and its operating balances will not materially deteriorate from current levels."

"Mississauga has a 30-year legacy of fiscal prudence and sound financial management," said City Manager Janice Baker. "Going forward, we are committed to building a sustainable business and budget plan to ensure our City continues to prosper. This ranking recognizes the hard work of Council and staff as leaders in municipal governance."

Internationally, outside the United States, there are only 13 'AAA' rated municipalities. Mississauga is one of eight municipalities in Canada to earn the coveted 'AAA' rating by Standard & Poor's. The stable outlook reflects the continuation of a strong and stable economy for Mississauga.

Mississauga is Canada's sixth largest city with a population of more than 700,000. With
well-established infrastructure and state of the art facilities, the City is considered to be an employer of choice, delivering quality municipal programs and services to its citizens. Mississauga is a dynamic, diverse, and progressive municipality, known for its economic strength and for being Canada's safest city.

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Media Contact:
Dolores Bartl-Hofmann
Senior Communications Advisor, Community Services
Phone: 905-615-3200 x5051
TTY:    905-896-5151
Email:   dolores.bartlhofmann@mississauga.ca


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