First, it was Windsor. Now, Essex County has received good news about its credit rating.
Standard and Poor's (S&P) Global Ratings have upgraded the county's credit rating to a AAA, the highest one possible. Essex County's upgrade comes days after the City of Windsor announced that its credit rating was bumped up to an AA+, S&P's second-highest rating.
S&P included Essex County in its list of 21 municipalities across Canada that are classified with this financial rating, in part, as a recognition of the way communities have pulled through the COVID-19 pandemic. S&P also said municipalities that achieve this rating tend to have long-term success in completing projects under budget.
"These entities typically maintain operating and after-capital surpluses," said S&P in a media release. "Municipalities in this rating category typically benefit from strong economic fundamentals, which support healthy growth in own-source revenues."
Essex County Warden Gary McNamara said the rating helps county residents keep more money in their pockets.
"The AAA rating with a stable outlook is good news for County of Essex taxpayers," said McNamara. "It is not a surprise, given the excellent work of our entire staff and County Council’s longstanding pay-as-you-go approach."
Ratings for an additional 13 municipalities have stayed the same.
