The Standard and Poor’s credit rating agency announced last week that the County of Wellington’s rating has been raised to AA from AA-, with a stable outlook.
The rating is based on a strong operating performance and liquidity, low debt burden, and good economic prospects.
“This is fantastic News for county taxpayers,” said Warden Joanne Ross-Zuj. “A strong credit rating allows the county to borrow money at competitive interest rates if required, and pass on the lower costs to our taxpayers.”
Wellington County currently has the highest rating of any rated county in Ontario and also shares the AA credit rating with such municipalities as Vancouver, Winnipeg, Toronto, and Hamilton.
Chris White, chairman of the county’s administration, finance and personnel committee, is also pleased with the upgrade.
“The county’s operating performance has remained very strong,” said White. “This upgraded credit rating will result in a lower cost of borrowing to help finance future capital projects for the county and its member municipalities.”
The county is currently in the process of securing long term financing for its own purposes, as well as for the Town of Minto and the Townships of Guelph-Eramosa and Wellington North.
