Friday, Oct 16 2020
BRAMPTON, ON (October 16, 2020) – Yesterday, S&P Global Ratings (S&P) affirmed the City of Brampton’s Triple ‘A’ rating for 2020, the highest credit rating a municipality can receive, with a stable outlook. According to S&P, the rating reflects the City’s robust economy and financial management practices, which will support its recovery from the COVID-19 pandemic.
Highlights
S&P states factors contributing to the City’s strong credit rating, include:
• Exceptional liquidity position, with debt service coverage stronger than that of peers.
• Good socioeconomic and demographic characteristics, with a younger-than-national average population and healthy population growth, proximity to major markets, and competitive tax rates that attract new businesses and employment opportunities to the area.
• Easy-to-access disclosure to pertinent information, and detailed operating and capital budgets.
The stable outlook rating reflects S&P’s expectation that Brampton’s economy will regain momentum in the next two years as COVID-19 restrictions ease, supporting the City’s strong budgetary performance and healthy liquidity position.
Quotes
“Over the last two years, our Council has taken action to uphold the City’s sound financial management practices. The first in nearly 20 years, we delivered a tax freeze and managed to maintain it for two consecutive years, while making record contributions to reserves. We also conducted a value for money audit that identified $7.2M in potential savings, and a capital projects review that identified $9.2 million in funding to be returned and utilized for new initiatives and identified $10.5 million for further review. We will continue to take efforts that support Brampton being a Well-Run City, and help drive our recovery from the pandemic.”
– Patrick Brown, Mayor, City of Brampton
“Our efforts prior to the onset of the pandemic strengthened the City’s reserves and helped solidify our financial standing, even in the face of the unprecedented challenges we see today. As one of the fastest-growing cities in Canada, located on the Innovation Corridor, Brampton remains a key growth hub that nurtures talent and diversity.”
– Harkirat Singh, City Councillor, Wards 9 & 10; Chair, Corporate Services, City of Brampton
“We have strived to keep the City running efficiently through carefully balancing costs while modernizing our operations. To continue moving Brampton forward and better support our residents, businesses and investors, especially as we recover from the impacts of COVID-19 – we remain committed to prioritizing service and financial excellence.”
– David Barrick, Chief Administrative Officer, City of Brampton
-30- As one of the fastest-growing cities in Canada, Brampton is home to 650,000 people and 70,000 businesses. People are at the heart of everything we do. We are energized by our diverse communities, we attract investment, and we are embarking on a journey to lead technological and environmental innovation. We partner for progress to build a healthy city that is safe, sustainable and successful. Connect with us on Twitter, Facebook, and Instagram. Learn more at www.brampton.ca.
MEDIA CONTACT
Natalie Stogdill
Media Relations, City of Brampton
905.874.3654 | natalie.stogdill@brampton.ca