1996- Credit Rating Report - Laserfiche WebLink

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County of Essex Finance Department 1996 County of Essex Credit Rating Report Page 2 As described, there exist two distinct but equally important elements expressed in a credit rating.. Firstly, the A rating signifies that County of Essex debentures are of a high quality, and conversely low risk. In the current municipal operating environment, an A rating is a significant achievement, particularly in the Province of Ontario. The rating provided by CBRS represents an independent testimony to the beneficial effects of the strengthening initiatives introduced and subscribed to by Council. A Positive rating outlook means that conditions exist, which if full realized, will strengthen local economic conditions and further improve the municipality's ability to meet its debt obligations. In other words, economic conditions are, on balance relatively good, and are likely to improve. By extension, the more positive the rating the lower the risk, ultimately translating into lower borrowing costs. A more subtle benefit of a Positive rating is the economic interest generated by a uniquely positive rating outlook. Although quantification of the economic development activity a credit rating may generate is difficult, rating opinions are widely circulated in the private investment community. To have both the County of Essex and the City of Windsor receive a Positive outlook, speaks well for the long term strength of the region. Recommendation It is the recommendation of Administration that the Executive Committee receive the Canadian Bond Rating Service County of Essex rating opinion dated December 18, 1996. Brian J. Gregg Treasurer January 81, 1997 Attachment Canadian Bond Rating Service County of Essex December 1996 dinKlebrsreport.96