City of Mississauga Receives 18th Consecutive “AAA” Credit Rating for Sound Financial Management and Diversification of the Local Economy
The City of Mississauga has received an âAAAâ credit rating from Standard & Poor’s Ratings Services (S&P) for the 18th consecutive year. The rating was based in part on the City’s strong financial management practices, assistance received and actions taken during the COVID-19 pandemic to mitigate losses and the strength of Mississauga’s vibrant and diverse local economy. This âAAAâ status, with a stable outlook, underlines the City’s ongoing commitment to strategic and efficient financial management.
âMississauga has once again been recognized as a municipal leader in effective financial management,â said Mayor Bonnie Crombie. âOur city’s ‘AAA’ credit rating gives the business community the certainty it needs to continue to invest in Mississauga and contribute to the city’s recovery and growth. This memo comes at a critical time as we look to economic recovery and better reconstruction, while balancing the continued impacts of the city-wide pandemic on the delivery of our services and programs to residents. It is a badge of honor that we proudly wear and that allows us to plan for the future and make significant investments to build a great city.
The S&P report stated that âIn our opinion, Mississauga’s credit profile benefits from very strong financial management. We believe that the largely stable management team is well qualified and experienced in effectively implementing appropriate fiscal policies, as well as responding to external risks, most recently the COVID-19 pandemic. “
The report further notes that âMississauga’s real economic growth will rebound strongly this year in light of high and increasing immunization levels and the relaxation of many COVID-19-related social distancing restrictions in the province. The city has a vibrant and diverse economy, with the life sciences, advanced manufacturing, financial services, and information and communications technology sectors fueling a robust economy. We believe that Mississauga’s competitive tax rates, proximity to major markets and extensive transportation networkâ¦ have also helped its economy and helped attract and retain investment.
âIn this time of continued financial disruption due to COVID-19, maintaining the City’s ‘AAA’ credit rating, which includes a stable outlook, is an exceptional endorsement by a respected third party regarding how the City manages its business. financial affairs, âsaid Shari Lichterman, General Services Commissioner and Chief Financial Officer. “Through our prudent financial management and budgeting practices, the City expects its budget to remain healthy and stable, as we continue to recover from the COVID-19 pandemic.”
To learn more about the finances of the City of Mississauga, visit mississauga.ca/financereports.
About S&P Global Ratings
In 26 countries around the world and a history stretching back over 150 years, S&P Global Ratings provides high-quality market intelligence in the form of credit ratings, research and thought leadership.
An S&P Global Ratings issuer credit rating is a forward-looking opinion on the overall creditworthiness of a debtor. A debtor rated “AAA” has an extremely strong capacity to meet its financial commitments. âAAAâ is the highest issuer credit rating assigned by S&P Global Ratings.
Strategic communication department
City of Mississauga
905-615-3200, ext. 4364