Local government | October 1, 2021
The City of Mississauga has received an ‘AAA’ credit rating from Standard & Poor’s Ratings Services (S&P) for the 18th year in a row. The rating was based in part on the City’s strong financial management practices, the assistance received and actions taken during the COVID-19 pandemic to mitigate losses and the strength of Mississauga’s dynamic and diversified local economy. This ‘AAA’ status, with a stable outlook, highlights the City’s ongoing commitment to strategic and effective financial management.
“Once again Mississauga has been recognized as a municipal leader in effective fiscal stewardship,” said Mayor Bonnie Crombie. “Our City’s ‘AAA’ credit rating, gives the business community the certainty they need to continue to invest in Mississauga and contribute to the City’s recovery and growth. This rating comes at a critical time as we pivot towards economic recovery and building back better, while balancing the ongoing city-wide impacts of the pandemic on the delivery of our services and programs for residents. It’s a badge of honour we wear proudly and allows us to plan for the future, and make important investments to build a great City.”
S&P’s report stated that, “In our view, Mississauga’s credit profile benefits from very strong financial management. We believe the largely stable management team is well qualified and experienced to effectively enact appropriate fiscal policies, as well as respond to external risks, most recently the COVID-19 pandemic.”
The report further noted that, “Mississauga’s real economic growth will rebound strongly this year in light of high and increasing vaccination levels and the loosening of many COVID-19 related social distancing restrictions in the province. The city has a dynamic and diversified economy, owing to the life sciences, advanced manufacturing, financial services, and information and communications technology sectors that fuel a robust economy. We believe that Mississauga’s competitive tax rates, proximity to major markets, and extensive transportation network…have also aided its economy and helped attract and retain investment.”
“During this time of ongoing financial disruption from COVID-19, the maintenance of the City’s ‘AAA’ credit rating, which includes a stable outlook, is an exceptional endorsement by a respected third-party regarding the way the City manages its financial affairs,” said Shari Lichterman, Commissioner of Corporate Services and Chief Financial Officer. “Through our prudent financial management and budgeting practices, the City expects its budget to remain healthy and stable, while we continue to recover from the COVID-19 pandemic.”
To learn more about the City of Mississauga’s finances, visit mississauga.ca/financereports.
In 26 countries around the world and a history that dates back more than 150 years, S&P Global Ratings provides high-quality market intelligence in the form of credit ratings, research and thought leadership.
An S&P Global Ratings issuer credit rating is a forward-looking opinion about an obligor’s overall creditworthiness. An obligor rated ‘AAA’ has extremely strong capacity to meet its financial commitments. ‘AAA’ is the highest issuer credit rating assigned by S&P Global Ratings.
Media Contact:
City of Mississauga Media Relations
media@mississauga.ca
905-615-3200, ext. 5232
TTY: 905-896-5151