NEWS RELEASE
CITY OF BARRIE
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S&P Global (S&P) has revised the outlook on the City of Barrie to positive from stable and affirmed its AA+ credit rating for another year, according to the latest S&P report.
This report is issued annually from S&P, the world’s leading provider of independent risk research offering credit ratings, data analysis and equity research to both the private and public sectors worldwide.
“This revised positive assessment from S&P is great news for the City of Barrie,” said Mayor Alex Nuttall. “The latest report and rating affirms the strength of Barrie’s economy and provides confidence to both residents and business owners.
"Our council is committed to being financially responsible while making necessary investments to support our growing community. A strong credit rating lowers borrowing costs, which helps us keep taxes down while still maintaining essential programs and services.”
The report attributes Barrie’s AA+ rating to expected revenue growth that will bolster Barrie’s budgetary performance and mitigate borrowing needs.
S&P report highlights:
- Barrie has strong financial management practices, with prudent policies and a stable and well-qualified management team to govern its debt and liquidity management.
- Barrie, in central Ontario, has a sizable economic base that benefits from a good transportation network and its proximity to the Greater Toronto Area. Population growth has been stable, helping employment increase across a variety of services, including regional banking centres, and manufacturers, such as auto parts and pharmaceuticals.
- The positive outlook reflects our expectation that revenue growth will bolster Barrie's budgetary performance and mitigate borrowing needs such that the city's debt burden will continue to fall in the next two years.
Read the full report.
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