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October 8, 2021 (Bracebridge, ON) -- Moody’s Investors Service, an international bond credit rating firm, affirmed the District’s credit rating of Aa2 and upgraded its status from stable to a positive outlook.
In a release issued by Moody’s on September 24, 2021, the firm cites District Council’s strong governance and its prudent fiscal management during the pandemic. The affirmation of the rating and outlook also reflects the District’s record for “strong liquidity and debt management with a focus on limiting the increase in debt, as well as forward-looking capital planning.” View the full news release issued by Moody’s here: https://www.moodys.com/research/Moodys-affirms-Muskokas-Aa2-rating-changes-outlook-to-positive--PR_453339
Maintaining a high-quality credit rating provides access to lower long-term borrowing costs for both the District and the Area Municipalities for investments in infrastructure such as water, wastewater, roads, bridges, and other community projects. This ensures the District’s services remain affordable and sustainable for both residents and businesses, now and in the future.
Quotes:
“This positive outlook is a vote of confidence by the market in the District. It is a testament to the past prudent financial oversight of this term of Council and previous Councils who, working in collaboration with staff, have been able to build reserve funds and live within budget guidelines for the long-term benefit of our communities.”
– District Chair John Klinck
”I would like to thank everyone for their commitment to achieving this excellent credit rating. Not only does it reflect the resiliency of the District in weathering the unprecedented impacts of COVID -19, but it also reflects the commitment by Council and staff to the long-term prosperity of the District. Working together, we have achieved a financial rating that will benefit the District and our communities.
– Councillor Graydon Smith, District Deputy Chair and Chair, Finance and Corporate Services Committee
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