Citing the City of Mississauga’s “solid budgetary performance,” Standard and Poor’s Rating Services (S&P) has reaffirmed the City’s 'AAA – Stable' credit rating for the 16th straight year.
Business and innovation | September 17, 2019
Citing the City of Mississauga’s “solid budgetary performance,” Standard and Poor’s Rating Services (S&P) has reaffirmed the City’s ‘AAA – Stable’ credit rating for the 16th straight year. The City’s outlook remains stable.
In this year’s report, S&P stated, “The City of Mississauga benefits from a solid budgetary performance with high operating balances, very low debt levels and extremely high liquidity.” The report goes on to state that “Mississauga’s competitive tax rates, proximity to major markets and extensive transportation infrastructure network have aided its economy and helped attract and retain investment.”
“I’m pleased that for the 16th year, Mississauga is being recognized as a municipal leader in fiscal management,”
said Mayor Bonnie Crombie. “Council has made it a top priority to realize savings, attract new investment and hold the line on taxes. This positive financial outlook is proof that Mississauga is a great place to live, work and invest.”
S&P added that companies in the life sciences, advanced manufacturing, financial services and information and communication technology sectors have helped to boost Mississauga’s economy, and that the City has “very good budgeting practices” that include multi-year business plans updated annually, operating budgets and a three-year outlook.
“This metric is a strong, third-party endorsement for Council and staff who focus on maintaining the City’s strong financial position,” said Gary Kent, Commissioner of Corporate Services and Chief Financial Officer. “We continually work to deliver quality services and infrastructure in a fiscally responsible manner. S&P has recognized our strong business planning and budgeting practices and our commitment to transparency in reporting as they confirmed our ‘AAA –Stable’ status for the 16th consecutive year.”
S&P stated, “We believe that continued growth and diversification will further strengthen the City’s economy and help it weather tough economic cycles.” The report also stated that an exceptional liquidity position added to the City’s strengths.
Mississauga’s Long-Range Financial Plan is a snapshot of the City’s current and anticipated financial position over the next 10 years. The plan supports the vision of the City’s Strategic Plan: Our Future Mississauga. The City’s Annual Report Highlights reflect its commitment to transparency in financial reporting.
For more information, visit standardandpoors.com.
To learn more about the City of Mississauga’s finances, visit mississauga.ca/financereports.