Barrie receives highest credit rating: Why this matters

The City of Barrie has just earned a historic financial upgrade

Barrie’s credit rating has never been higher.

S&P Global Ratings has just given the city a “AAA” score, moving up from our previous score of “AA”. It’s also the highest possible rating a city can have.

The S&P report provides several key highlights indicating our city is financially strong. It states that the city is managing its budget while at the same time planning for growth in the future. It also says that many of the city’s projects can be funded without a great deal of borrowing.

According to the City of Barrie’s press release, S&P is “the world’s leading provider of independent risk research offering credit ratings, data analysis, and equity research to both the private and public sectors worldwide.”

The report further states Barrie’s proximity to the GTA and prioritizing job growth in professional services and manufacturing industries, which helps to keep a healthy economy.

Barrie Mayor Alex Nuttall says, “This rating confirms what residents already know: Barrie is well managed, growing responsibly, and positioned for long-term success.”

In addition, the report points out the city’s resiliency in the face of evolving trade agreements, making use of resources like Invest Barrie, an economic development and business support program. It goes on to feature the city’s Development Programs and Incentives, which are various initiatives to support issues like affordable housing.

So, what does this new rating mean for Barrie?

It will allow the city to borrow money at lower interest rates, resulting in lower costs for projects like roads, water systems, and recreation facilities - in essence, saving taxpayer dollars.

Other Canadian cities in the elite “AAA” rating group include Mississauga, Vancouver, Brampton, Saskatoon, and Guelph.

Learn more about the City’s budget and financial investments on the City of Barrie website.