Local government | September 14, 2016
City of Mississauga received its 13th consecutive ‘AAA’ credit rating from Standard and Poor’s Rating Service (S&P). The service referred to the City’s “very strong, diversified economy, exceptional liquidity and very low debt burden” as key success indicators in its assessment.
S&P added that the City’s financial management, including its policies and approach to transparency were positive impacts on Mississauga’s credit profile. They also noted Mississauga’s competitive tax rates, proximity to major markets, and an extensive transportation network have also aided its economy and helped attract and retain investment.
“A triple AAA credit rating for the City of Mississauga means that as an organization, Mississauga has an extremely strong ability to meet its financial commitments and be fiscally responsible,” said Gary Kent, Commissioner of Corporate Services and Chief Financial Officer. “Council and staff work hard to ensure that the City’s finances and resources are carefully allocated and managed.”
The report states that the City benefits from its strong budgeting practices, including: conducting multiyear business plans (updated annually); preparing operating budgets with a one and three-year detailed outlooks as well as an annual detailed capital budget.
S&P also rated the City’s outlook as stable.
For more information, visit standardandpoors.com.
To learn more about the City of Mississauga finances, visit mississauga.ca/portal/cityhall/financereports.
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