Local government | September 28, 2023
The City of Mississauga has received an ‘AAA’ credit rating, the highest rating, from Standard & Poor’s Ratings Services (S&P) for the 20th year in a row. The rating is a result of the City’s very strong financial management practices and proven budgeting process. S&P’s report noted that Mississauga’s strong economy would continue to support expanding service needs despite slower economic growth. This is good news and demonstrates Mississauga is ready to become an independent city with the dissolution of Peel Region.
“Mississauga has a longstanding reputation as a municipal leader in excellent and effective financial management,” said Mayor Bonnie Crombie. “Funds collected from property taxes are invested back into improving the livelihood of our residents and businesses. As a Mississauga resident, you can continue to count on the City’s leadership and financial management team as we move Mississauga forward. I’m proud of our AAA credit rating and look forward to seeing our investments in action, as we continue to make Mississauga one of the best cities to live, work and play in. This rating is confirmation that Mississauga is ready to take on independence and thrive.”
The report further noted that Mississauga has a record of strong and conservative fiscal management, citing that “Mississauga accounts for approximately 7 per cent of Ontario’s total economic output and is home to Canada’s largest airport, Pearson International. Real economic output in the city grew by 5 per cent in 2022, compared with 3.7 per cent in Ontario. Like other Canadian municipalities, Mississauga benefits from an extremely predictable and supportive local and regional government framework. It has high institutional stability and extraordinary support in times of financial distress.”
“Mississauga’s AAA credit rating, which includes a stable outlook for our future, is an excellent endorsement by S&P regarding the way the City manages its financial affairs,” said Shari Lichterman, City Manager and Chief Administrative Officer (CAO). “Residents should know that every investment made in Mississauga is going to lead to a more prosperous future for all.”
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. ‘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