BRAMPTON, ON (October 18, 2022) – S&P Global Ratings (S&P) has affirmed the City of Brampton’s Triple 'A' rating for 2022, the highest credit rating a municipality can receive, with a stable outlook.
According to S&P, the rating reflects that Brampton's growing tax base and the City’s prudent management of expenses will keep financial results strong, and that the City’s liquidity position and projected debt service coverage are very strong and compare favorably with the City’s peers. The City of Brampton has maintained this rating consecutively for seven years.
Highlights
S&P states factors contributing to the City’s strong credit rating, including:
• Strong underlying economy and investment interest support the City’s tax base, keeping projected operating results healthy and balances after-capital accounts in a surplus.
• Capital needs will spur additional borrowing in the next two years, bringing total debt outstanding to about 35% of projected operating revenues in 2024. They believe this remains in line with the current rating and accordingly affirmed its 'AAA' long-term issuer credit rating.
• The stable outlook reflects S&P’s view that a growing local economy and prudent management will support strong financial results, with positive after-capital balances. They also expect the City's liquidity position will remain a key credit strength.
The S&P rating reflects the City’s prudent management and government framework that supports the needs of Brampton’s growing economy. Brampton has 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. The City continues to generate strong investment interest in Brampton, both from new businesses and existing ones expanding their operations.
Quotes
“Brampton is a Well-Run City, and as evidenced by this endorsement from S&P, we are committed to being transparent and fiscally responsible and supporting the needs of our growing economy. We are proud to have maintained our AAA credit rating for the seventh consecutive year.”
- Patrick Brown, Mayor, City of Brampton
“The City of Brampton is committed to providing value to residents and tax-payers, and positioning our community for ongoing success. We remain committed to supporting our fast-growing community’s needs prudently, and providing transparent information about our finances.”
- Harkirat Singh, City Councillor, Wards 9 & 10; Chair, Corporate Services, City of Brampton
“City of Brampton staff are dedicated to maintaining a strong fiscal position while meeting the needs of our community to prepare us for future prosperity and stability. Brampton is a Well-Run City, and this endorsement by S&P reinforces our commitment to our residents and tax payers, and to generating investment interest in Brampton and investing in our future growth.”
- Paul Morrison, Interim Chief Administrative Officer, City of Brampton
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As one of the fastest-growing cities in Canada, Brampton is home to 700,000 people and 75,000 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
City of Brampton Media Relations
Mediarelations@brampton.ca
