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HRM Awarded Double AA Credit Rating
(May 11, 2012) - The most recent Standard & Poor's (S&P) Ratings Services outlook increases the municipality’s credit rating, an endorsement of HRM’s sound fiscal management and positive economic picture.
Today, S&P revised its rating for the region by upgrading its 'A+' long-term issuer credit rating to ‘AA-‘ with a stable outlook.
"This upgrade reflects the steady, consistent financial performance of the municipality, along with strong and growing confidence in local economic activity due to the Irving Shipbuilding contract,” said Mayor Peter Kelly.
Standard and Poor’s cited HRMs improved budgetary performance and maintenance of moderate debt levels, and operating surpluses as its reasons for the revision.
The agency did qualify its decision regarding the municipality's credit strength with two other factors - that being HRM's current limited financial flexibility and continuing pressure to rehabilitate its existing infrastructure.
Standard and Poor's is an international rating agency that analyzes and reports on financial performance.
Mayor Peter Kelly
Halifax Regional Municipality
HRM Public Affairs Manager