(Barrie, ON) S&P Global Ratings (S&P) has reaffirmed the City of Barrie’s credit rating of ‘AAA’, the highest possible rating, reflecting the City's ability to maintain a strong financial position and practice exceptional financial management.
Last year was the first time in the City’s history that Barrie achieved this distinction from S&P Global. 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.
“Barrie continues to be one of the few municipalities in the country to have the highest possible credit rating, thanks to continued work by our Mayor and Council,” said Michael Prowse, CAO. “The City makes sound financial decisions, allowing us to maintain this strong credit reputation. Barrie is managing its budget while planning for future growth—this is supported by clear policies, a smart approach to capital planning, and skilled staff to help ensure the City's debt and available funds are well managed.”
A ‘AAA’ credit rating allows the City to continue to borrow at lower interest rates, reducing costs on major projects like roads, water systems, and recreation facilities—saving taxpayers money. S&P Global Ratings expects Barrie to maintain strong financial performance through careful budgeting, capital planning, and financial management.
S&P Report Highlights:
- As the city grows, Barrie is balancing new infrastructure investment with long-term financial stability.
- A diverse economy and steady population growth provide a reliable tax base to support city services and investments, and Barrie continues to invest in infrastructure needed to support growth.
- The expansion of Barrie’s boundaries will support expected growth and increase supply of employment and housing lands.
- The City is able to fund many of its major projects without significant borrowing, helping to reduce debt levels and limit the need for new borrowing—a trend expected to continue.
- Barrie’s location near the GTA and its focus on investments and job growth, along with its growing professional services and manufacturing industries, help keep its economy stable.
- Despite challenging tariff impacts, Barrie’s economy remains resilient with support and resources from Invest Barrie, the City’s development programs and incentives, and the City’s Development Charges Reduction Program and deferral options.
Learn more about the City’s budget process and investments at barrie.ca/budget101.