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Gary Carr announces that Region has a better credit rating than the United States of America.

By Staff

BURLINGTON, OM August 10, 2011 – Standard and Poor’s Ratings Services affirmed Halton Region’s AAA credit rating. The same organization recently downgraded the credit rating of the United States to a AA- with negative implications.

This is the twenty-second consecutive year that the Region’s credit rating has been affirmed the Standard and Poor’s. The published review that is part of the affirmation is attached.

“Reaffirmation of Halton Region’s high credit rating is extremely important and excellent news for our residents because it ensures the Region and our Local Municipalities are able to borrow money at the lowest possible financing rates in the capital markets, minimizing the longer term costs of infrastructure capital. The Region’s lower costs can then be passed on to our taxpayers in the form of lower tax increases, said Regional Chair Gary Carr – and we are pretty sure his tongue wasn’t in his cheek when he said that.

When any of the municipalities within the Region need to borrow funds for long term development or operational purposes they go to the markets and float a bond that is offered by the Region. The Region’s credit rating is thus the credit rating for Burlington, Oakville, Milton and Halton Hills – so we all have a better credit rating than the United States.

Over the last five years, the average annual tax increase for Regional programs and services has been approximately half a per cent – one of the lowest among municipalities in Canada.

 

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