Barrie has just achieved a major financial milestone. The City of Barrie’s credit rating rose from ‘AA+’ to ‘AAA’, the highest possible rating, marking the first time in the city’s history it has achieved this distinction from S&P Global Ratings. 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. S&P’s decision reflects Barrie’s decreasing debt burden and strong budgetary performance. The stable outlook reflects S&P’s view that Barrie will maintain solid operating results and keep borrowing needs low through prudent use of internal funding. “This rating reflects the hard work and dedication of our city staff, whose commitment to responsible financial management, disciplined budgeting, and effective service delivery has made this possible,” said Mayor Alex Nuttall. “This rating confirms what residents already know: Barrie is well managed, growing responsibly, and positioned for long-term success,” Nuttall said. Barrie’s CAO, Michael Prowse, says Barrie joins an elite 15 other Canadian municipalities to hold an ‘AAA’ credit rating. “The rating reflects the city’s disciplined financial practices, responsible growth management, and long-standing commitment to maintaining a strong and sustainable fiscal foundation for residents and businesses alike.” said Prowse. The upgrade allows the city to borrow at lower interest rates, which reduces costs on major projects like roads, water systems, and recreation facilities — saving taxpayers money. Read the full report from S&P here.
