Citing “very strong financial management,” Standard and Poor’s Rating Services (S&P) has reaffirmed the City of Mississauga’s ‘AAA – Stable’ credit rating for the 15th straight year. The City’s outlook remains stable.
In this year’s report, S&P stated, “Mississauga’s competitive tax rates, proximity to major markets and extensive transportation infrastructure network have aided its economy and helped attract and retain investment.” The report goes on to state that the City has “very good budgeting practices” that include multi-year business plans, operating budgets and a three-year outlook.
“Council has made it a top priority to hold the line on taxes, identify savings and attract new investment to our City. I’m thrilled that for the 15th year, Mississauga is being recognized as a municipal leader in fiscal management. Mississauga is in a strong and stable financial position thanks to the ongoing efforts of City Council and staff,” said Bonnie Crombie, Mayor of Mississauga. “This positive financial outlook gives companies the confidence they need to invest and grow in our City,” added Mayor Crombie.
S&P added that companies in the life sciences, advanced manufacturing, financial services and information and communication technology sectors have helped to boost Mississauga’s economy.
“This is a milestone for Mississauga,” said Gary Kent, Commissioner of Corporate Services and Chief Financial Officer. “Every year, Council and staff work hard to maintain the City’s strong financial position while delivering quality services and infrastructure in a fiscally responsible manner. S&P recognized our strong business planning and budgeting practices and our commitment to transparency in reporting as they reaffirmed our ‘AAA –Stable’ status for the 15th consecutive year.”
S&P stated, “We believe that continued growth and diversification will further strengthen the City’s economy and help it weather tough economic cycles.” The report also stated that an exceptional liquidity position added to the City’s strengths.