The County of Wellington is keeping its perfect credit rating.
Standard and Poor’s Global Rating announced that the county’s credit rating will remain at AAA, Outlook Stable. That is the highest credit rating a municipality can receive.
In a news release, the company cites a number of factors that led to the AAA rating:
- strong local economic foundations and effective management practices will position Wellington favorably in challenging conditions
- stable revenue growth will support healthy operating balances, while inflationary pressures will escalate capital requirements
- future debt issuance is in line with an increasing capital plan and corresponds with the needs of an expanding population
- the county’s economy benefits from the advantageous location close to the 401 and with robust recent housing development, Wellington will remain an attractive destination for new residents
Municipalities that have a AAA credit rating are able to gain access to the best possible capital financing rates and minimize long-term infrastructure capital financing costs.
Chris White, who is a county councillor and chair of the finance and human resources committee, says the rating will enable public funds to go further. He adds it will help the county fund critical infrastructure projects.