Niagara keeps 'AA' credit rating but recovery will be slower than other regions
Niagara has kept its 'AA' credit rating, but economic recovery will be slower than other regions due to our strong ties to the tourism industry.
Standard & Poor’s Global Ratings were released in a report, which notes Niagara benefits from manageable debt levels and very ample liquidity, despite challenges posed by the COVID-19 pandemic.
The rating agency also forecasts an economic recovery in Niagara will be slower than in other regions.
The report highlights additional capital spending by Niagara Region and the reliance on more external debt to finance infrastructure upgrades.
Disclosure and transparency in financial reporting are also good, the report adds, with debt and liquidity management practices considered prudent.
In S&P’s opinion, the Region’s rating could improve with significant and sustained economic and demographic improvement through healthier growth in population and household incomes.
"I am proud of the work Regional staff has undertaken to maintain the AA credit rating from Standard and Poor's. The stable rating reflects the sensible financial management of our leadership team and employees who strive every day to ensure Niagara remains on solid economic ground, even during these unprecedented times." ~ Jim Bradley, Regional Chair
"Solid financial management is important as Niagara Region continues to advance key strategic initiatives and responds to the challenges posed by the COVID-19 pandemic. The AA rating highlights our success in managing financials and I would like to thank our Regional staff for their diligent work and dedication." ~ Todd Harrison, Treasurer and Commissioner
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