City of Barrie maintains strong credit rating via Standard & Poor’s

Mayor says its a sign the city is doing a good job managing finances

You’ve got to give the City of Barrie some credit… actually, scratch that, it has plenty of credit of its own.

City Hall announced on Thursday it has maintained its ‘AA’ credit rating for another year, according to a recent report from Standard & Poor’s. The financial services agency attributes the city’s rating to local cost-containment efforts, a growing and diversified economy, along with strong financial management.

“Getting this ‘AA’ rating from S&P is always important for us, as it signals that we are doing a good job managing our finances—and good financial management helps us keep taxes down because it reduces the interest costs on borrowing,” said Mayor Jeff Lehman. With the City’s financial condition in the news lately, I’m very pleased to read the positive commentary in the report about how Barrie managed public dollars and the strength of our local economy. This rating shows we’re on the right path.”

Standard & Poor’s recent report indicates Barrie has demonstrated strong financial management practices, with generally strong political consensus in passing budgets without any major delays. The report also points out Barrie’s economy is recovering as pandemic-related restrictions ease and the city’s major industries expand.

Visit the City of Barrie’s website to view the full report.

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