The City of Barrie has achieved a major financial milestone, earning a ‘AAA’ credit rating from S&P Global Ratings – the highest possible rating and the first in the city’s history.
S&P, which oversees independent credit research, upgraded Barrie’s rating from ‘AA+’ to ‘AAA’, citing the city’s decreasing debt burden, strong budgetary performance and prudent financial management. The stable outlook reflects expectations that Barrie will continue to post positive results while keeping borrowing needs low.
Mayor Alex Nuttall praised the efforts of city staff and council that contributed to the upgraded credit rating.
“For the first time in our city’s history, Barrie has achieved a ‘AAA’ credit rating,” he said.
“It reflects the hard work and dedication of our staff, the leadership of city council and our shared commitment to responsible financial management. This confirms what residents already know — Barrie is well managed, growing responsibly and positioned for long-term success.”
Barrie’s chief administrative officer Michael Prowse said the new credit rating highlights the city’s disciplined approach.
“It reflects our focused financial practices and commitment to sustainable growth,” he said.
Coun. Gary Harvey called the rating “a successful point in the city’s history,” crediting strong budgeting and decisions.
“Especially in these economic times, where budgeting at all levels has seen challenges, this is the result of financial decisions this council has made, along with strong budgeting, low debt and smart financial management,” Harvey said.
The rating allows Barrie to borrow at lower interest rates, reducing costs for major infrastructure projects such as roads, water systems and recreation facilities.
S&P highlighted Barrie’s growing and diverse economy, careful planning and ability to reduce debt while investing in key infrastructure as core strengths behind the historic upgrade.
With the upgrade, Barrie joins fewer than 15 other Canadian municipalities holding the top rating from S&P, including Mississauga, Hamilton, Brampton and Saskatoon.
