City Finances Get `AAA’ Grade for 12th Year in a Row

The City of Mississauga has earned its 12th consecutive ‘AAA’ credit rating from Standard and Poor’s Rating Service (S&P). The service noted the City’s “very strong, diversified economy, exceptional liquidity and very low debt burden” in its assessment.

S&P added that Mississauga’s competitive tax rates, proximity to major markets and extensive transportation network have enhanced its economy and helped attract and retain investment.

“Council and staff work hard to ensure the City’s finances are carefully managed and allocated,” said Gary Kent, Commissioner, Corporate Services and Chief Financial Officer. “S&P’s ‘AAA’ rating recognizes the City’s commitment to sound financial management that delivers value for money.”

In its report, S&P states that the City of Mississauga’s credit profile benefits from having a robust set of financial policies. It commends the City’s “very good budgeting practices,” with multiyear business plans that are updated annually, and operating budgets that are detailed out one year in addition to a three-year outlook.

S&P also rated the City’s outlook as stable.

For more information, visit standardandpoors.com.

To learn more about City of Mississauga finances, visit mississauga.ca/portal/cityhall/financereports.