Top financial agency gives county top grades
by Richard Blanchard

Standard and Poors, the international bond rating company, has once again increased Simcoe county's credit status.

Simcoe county councillors learned that Standard and Poors increased the county's creditworthy status for the second time in the past year. Its rating has increased to AA- this April from A+ in December, 2006.

The most recent report from Standard and Poors noted it had problems in several reviews earlier this decade in regards to the county's "management culture and practices", but these issues "have been allayed as a result of increased management stability and improved practices."

County warden Tony Guergis said that the increase in the credit ratings which may allow the county to obtain better interest rates on its borrowing is "a nice compliment to the staff organization and the CAO."

Standard and Poors said that it was confident of the county's ability to handle its finances over the next few years despite the likelihood of increased borrowing for its roads program. The reported said Simcoe county "will successfully manage a significantly increased capital program in the next three years, so that any reductions in financial flexibility and strength from increased debt and debtservice levels will be limited."