County’s AA/Stable credit rating affirmed with Standard and Poor’s

Yesterday, Standard and Poor’s (S&P) published Norfolk’s credit rating, affirming the AA/Stable rating. 
 
The main purpose of a credit rating is to provide financial information to potential investors on the debt issued by Norfolk County. The AA rating signals to investors that the County’s credit is considered high-grade.  
 
S&P awarded the rating based on the County’s exceptional liquidity, strong budgetary results, expertise of management in implementing policy changes, and prudent debt and liquidity management.  
 
The stable outlook reflects S&P’s expectation that over the next two years the County will maintain very strong financial results overall, with after-capital surpluses. S&P also expects Norfolk will be able to keep the debt burden modest and maintain a robust liquidity position even in the face of elevated capital investment. 
 
S&P assessed that the key rating factor for budgetary performance has improved, which staff attribute to the repeated year-end surpluses the County has achieved over the last few years that have been redirected into reserves for future projects. 
 
Though Norfolk County is executing a strong financial plan as evidenced by this credit rating, there are ongoing risks. The County understands that aging infrastructure, growth requirements, and affordability concerns must be addressed. Noting this, Council and staff will continue to focus on strong financial discipline, while balancing the critical needs of the community.

A summary of Norfolk County’s recent historical financial report is also available at norfolkcounty.ca/FinancialSummary.
 
A copy of the credit rating report can be found at norfolkcounty.ca/CreditRating.

Quote

Mayor Amy Martin 

“We’re proud to see our financial strategy validated by this strong credit rating. It reflects the hard work of Council and staff, and our commitment to building a resilient and sustainable future for Norfolk County.”