York Region Retains "AAA" Credit Rating

Newmarket – The Regional Municipality of York proudly announces both Moody’s Investors Service and S&P Global Ratings (S&P) reaffirmed the Region’s “AAA” credit rating this year, which is the highest rating awarded for investment-grade debt and a strong capacity to repay investors.

“Superior credit ratings allow the Region to access capital market financing at the lowest possible cost,” said York Region Chairman and CEO Wayne Emmerson. “Included as part of our fiscal strategy, maintaining strong and stable credit ratings positions us well to support both current and future generations of York Region residents.”

Moody’s Investors Service affirmed York Region’s credit rating at ‘Aaa stable’ for the 25th consecutive year. This rating reflects excellent liquidity with elevated levels of cash and reserves to provide ample coverage of debt and expenses. The rating also highlights strong governance, solid fiscal results and high annual operating margins.

S&P upheld York Region’s credit rating at ‘AAA’ with a stable outlook based on the Region’s diverse and wealthy economy, fostering fiscal stability, solid budgetary performance and prudent financial management. The stable outlook reflects expectations the Region will maintain strong operating surpluses and that debt will continue to decline.

Both credit rating agencies also noted York Region’s elevated debt burden associated with large-scale capital spending plans to build water and wastewater infrastructure, roads and the Yonge North Subway extension. The agencies expect the Region will continue to carefully manage this debt. Earlier this month, York Region successfully placed $100 million of debt to enable growth-related infrastructure projects across the Region.

“Maintaining strong credit ratings is a key component of York Region’s Fiscal Strategy and helps ensure the Region achieves financial stability and supports intergenerational equity,” said King Township Mayor Steve Pellegrini, Chair of the Region’s Finance and Administration.

Historic credit ratings, annual reports and more information about investing in York Region is available at york.ca/CreditRatings

The Regional Municipality of York consists of nine local cities and towns and provides a variety of programs and services to over 1.25 million residents and 57,000 businesses with more than 629,000 employees. More information about the Region’s key service areas is available at york.ca/RegionalServices

-30-

Media Contact:

Jennifer Turvey, Corporate Communications,
The Regional Municipality of York,
Phone: 1-877-464-9675 Ext. 71785
Email: @email