On June 14, 2023, Standard and Poor’s (S&P) published Norfolk County’s credit rating, affirming the AA/Stable rating.
The main purpose of a credit rating is to provide financial information to potential investors on the debt issued by Norfolk County. The AA rating signals to investors that the County’s credit is considered high-grade.
The rating was awarded based on the County’s exceptional liquidity, sound financial management and planning practices, adequate expertise in implementing policy changes by management, and a prudent approach to debt and liquidity management.
“Norfolk County Council and staff are pleased that S&P has affirmed our AA credit rating,” said Norfolk County Mayor Amy Martin. “Residents can feel confident in staff’s prudent financial oversight and fiscal responsibility and the ability of Norfolk to meet the needs of our community and deliver quality services.”
The stable outlook reflects S&P’s expectation that over the next two years, the County will maintain overall sound financial results but post after capital deficits due to the County’s extensive capital plan. S&P also expects the County will maintain a robust liquidity position to more than cover upcoming debt servicing.
Though Norfolk County is executing a strong financial plan as evidenced by this credit rating, there are significant risks. The County understands that aging infrastructure requirements need to be addressed which may result in an increased debt burden and after-capital deficits starting in 2023. Noting this, Council and staff will continue to focus on strong financial discipline while balancing the critical needs of the community.
A copy of the credit rating report can be found on the Norfolk County website.
