Moody’s Investors Service Confirms Muskoka District’s “High Quality” Credit Rating, Raises Outlook to Positive
“Strong governance and fiscal management” in Muskoka District is cited as the reason the region’s credit rating remains at Aa2 and its financial outlook is turning positive.
Moody’s Investors Service is a New York-based international bond credit rating company.
“The positive outlook reflects Moody’s expectations for continued growth in Muskoka’s liquidity levels and the district’s ability to continue to generate strong operating results in 2021 and 2022 while taking into account the continued uncertainty caused by the coronavirus pandemic, “says a report on the organization’s website.
Moody’s officials expect the district’s debt to increase “modestly” over the next two to three years.
In the district’s 2021 budget, they are expected to repay $ 41.5 million over the next decade. Of this amount, $ 31 million is spent on the redevelopment of the Huntsville plant. Fairvern retirement home.
The district’s rating was previously stable.
The upgrade to the positive is underway because, according to Moody’s, the district has “high levels of liquidity and investment that support high liquidity coverage ratios,” adding that they are able to generate surpluses. ‘significant’ exploitation.
“Not only does this reflect the district’s resilience to withstand the unprecedented impacts of COVID-19, but it also reflects the commitment of the board and staff to the long-term prosperity of the district,” said Graydoj Smith, board chair. of the district. Finance and Corporate Services Committee. “By working together, we have achieved a financial rating that will benefit the district and our communities. “