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County of Essex <br />1995 Credit Rating Report <br />Page 2 <br />Firstly, the A rating signifies that County of Essex debentures are of a high quality <br />(conversely low risk). In the current municipal operating environment, an A category <br />rating is a significant achievement, particularly in the Province of Ontario. <br />An upgrade to an A category rating represents independent testimony to the beneficial <br />effects of the strengthening initiatives introduced by Council. <br />Secondly, the County of Essex continues to enjoy a Positive rating outlook. This is a <br />reflection of the bullish opinion held by CBRS with respect to this region. The City of <br />Windsor also has a positive rating outlook. <br />A Positive rating outlook means that conditions exist, which if fully realized, will <br />strengthen local economic conditions and further ameliorate the municipality's ability <br />to meet debt obligations. In other words, economic conditions are on balance relatively <br />good, and are likely to improve. By extension, the more positive the rating the lower the <br />risk, ultimately translating into lower borrowing costs. <br />A less obvious benefit is the economic development interest generated by a uniquely <br />positive rating outlook for the region overall. Although quantification of the economic <br />development activity a credit rating may generate is difficult, rating opinions are widely <br />circulated in the private investment community. To have both the City of Windsor and <br />the County of Essex rated so positively, speaks well for the long term strength of the <br />region. <br />Recommendation <br />That the Executive Committee receive the Canadian Bond Rating Service County of <br />Essex rating opinion dated September 6, 1995. <br />Treasurer <br />September 6, 1995 <br />Attachment Canadian Bond Rating Service <br />County of Essex Rating Opinion <br />September 1995 <br />