Standard & Poor’s (S&P), an American financial services company today affirmed the City of Brampton’s Triple ‘A’ rating.
Along with the credit rating, S&P has issued a ‘Stable’ outlook for the City of Brampton. Triple ‘A’ is the highest credit rating a municipality can receive and according to Standard & Poor’s (S&P), the rating reflects the City’s solid financial management.
S&P has highlighted the key factors for high rating:
- Robust financial policies: Provides transparent and easy-to-access disclosures.
- Exceptional liquidity: Brampton’s strong operating balances point to a robust cash flow capability.
- Strong economy: A dynamic, well-diversified economy and a very predictable and well-balanced institutional framework.
- Improved budgeting practices: Restructuring within the last two years resulted in the strengthening of Brampton’s budgeting practices, improvement in control measures and transformation of its senior management.
Mayor Linda Jeffrey said,
“A solid financial management system is important as we advance key strategic initiatives and strive to build a stronger global presence for Brampton. As a City, we continue to focus on good municipal governance and accountability to our residents.”