The Regional Municipality of York achieves highest Standard & Poor’s Credit Rating – AAA Stable

York Regional Council’s fiscal management resonates positively with credit rating agency

NEWMARKET – The Regional Municipality of York will continue to benefit from favourable borrowing rates after achieving a Standard and Poor’s AAA Stable credit rating.

Standard and Poor’s cited York Region’s strong economic outlook, operating revenue growth, high reserve levels and commitment to asset rehabilitation and replacement in its decision and accompanying analysis.

“I am extremely pleased that we have achieved Standard and Poor’s highest credit rating,” said York Region Chairman and CEO Bill Fisch. “I commend our Council and Regional staff for their hard work and commitment to ensuring that all York Region taxpayers benefit from sound financial decision-making.”

“The AAA Stable rating is an indicator of the credit rating agency’s confidence in York Region’s fiscal management policies,” added Town of Newmarket Mayor Tony Van Bynen, Chair of the Region’s Finance and Administration Committee. “This rating allows York Region to borrow and finance debt at the best rates available.”

York Region uses debt financing as one of several finance tools to help pay for costs associated with major projects contained in the $10.1 billion, 10-Year Capital Plan, including:

• major roads and sewer construction• construction of the TTC Spadina subway extension• continued enhancements to Viva Rapid Transit and YRT

To reduce the reliance on debt financing, York Region introduced several measures, including the phased elimination of Development Charge discounting beginning spring 2007.

York Region has maintained a AAA credit rating with Standard and Poor’s since 2002.

The Region also possesses a AAA credit rating from Moody’s Investors Service, maintained since 2000.

Both Standard and Poor’s and Moody’s have taken into consideration York Region's rapid population growth, expanding assessment base and diversified economy as part of their rating.

For more information on The Regional Municipality of York, please visit www.york.ca