County of Simcoe’s credit rating remains solid

News release from Simcoe County November 12, 2010
Solid economic prospects and low debt load are among the positive factors that have prompted Standard & Poor’s to reaffirm The County of Simcoe’s rating at ‘AA-’.
Standard and Poor’s is a leading provider of financial market intelligence and a foremost source of credit ratings, investment research, risk evaluation and data.
The County had enjoyed consecutive upgrades dating back to 2007, when it benefited from a ‘A+’ rating, but the global economic downturn of 2008 devastated two of the County’s primary economic contributors—tourism and the auto industry. This led to an abnormal spike in the region’s unemployment numbers, fuelling increases in social service caseloads—35 per cent in 2009 and another 17 per cent in 2010.
Regardless of the supplementary stressors, the County has managed to stabilize its outlook by keeping debt at adequate levels—despite increasing capital expenditures—as it continues to make improvements to its operating performance.
“The 2010 budget is a fine example of Simcoe County Council remaining fiscally responsible during a time of the global economic uncertainty,” said Warden Cal Patterson. “From Council to staff, the County continues to focus on providing high levels of service with a common-sense approach to managing our finances. Standard & Poor’s decision to reaffirm our rating is confirmation of this commitment.”
The County of Simcoe is composed of sixteen member municipalities and provides crucial public services to County residents in addition to providing paramedic and social services to the separated cities of Barrie and Orillia. Visit our website at simcoe.ca.
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Allan Greenwood, Communications Manager
705-726-9300 ext. 1230
Allan.Greenwood@simcoe.ca
Lealand Sibbick, Deputy Treasurer 705-726-9300 ext. 1174