News Release

HRM Receives Positive Credit Outlook

(April 6, 2011) The most recent Standard & Poor's Ratings Services outlook for HRM of positive from stable is a good sign for the region, Mayor Peter Kelly said today.

On April 5, 2011, Standard & Poor's Ratings Services revised its outlook for the region and affirmed its 'A+' long-term issuer credit rating.

"This positive outlook, along with a steady economic performance, a real GDP increase of three percent in 2010 and an unemployment rate which continues to outpace the province, should help retain and attract business to the region," Mayor Kelly said.

Standard and Poors cited HRMs increasing and robust liquidity levels, along with its view of adequate budgetary and moderate economic performance as its reasons for the revision.

The agency did qualify its decision regarding the municipality's credit strength with two other factors - that being HRMs current limited financial flexibility and moderate debt burden.

Standard and Poor's is an international rating agency that analyzes and reports on financial performance.

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Contact:

Mayor Peter Kelly
Halifax Regional Municipality
490-4010

Shaune MacKinlay
HRM Public Affairs Manager
490-6531