Barrie retains its ‘AA’ credit rating

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Barrie has retained its vaunted ‘AA’ credit rating according to the latest report from Standard & Poor’s (S&P), a financial services company that “offers services including credit ratings, data analysis and equity research to both the private and public sectors worldwide,” according to a City release.
“S&P’s ‘AA’ credit rating confirms that Barrie’s economy is strong and will continue to support the future of our growing city,” CAO Michael Prowse is quoted saying. “The City’s credit rating directly affects property taxes. Our budget process coupled with our long-term fiscal policies has helped maintain this solid credit rating, which means ultimately that our taxes are lower because of it.”
As justification for the rating S&P points to Barrie’s “growing and diversifying economy, necessary investments in infrastructure to support a growing population, healthy liquidity position, and strong financial management,” states the release, adding that the “stable outlook reflects Standard & Poor’s expectations that Barrie’s economy will continue to expand healthily, and its liquidity position will remain more than sufficient over” the next two years.
“S&P’s positive rating reflects our outlook and future financial position. City staff will continue developing long-term affordable plans to ensure we maintain this solid performance level,” Craig Millar, Director of Finance and Treasurer, is quoted saying.
Recent reports have indicated the city’s debt will be just over $284 million by the end of the year.