KITCHENER -- Waterloo Region has received a AAA rating from Moody’s Investors Service, for the twentieth time in a row.

The region says this rating reflects “strong financial management and long-term planning.” To be awarded a AAA status, the city says it had to have a “diverse and growing local economy, strong operating results despite provincial funding pressures from the coronavirus pandemic, and sound management practices.”

“Maintaining this rating for 20 years in a row is a reflection of the Region’s consistently solid financial management and planning,” said Regional Chair Karen Redman, in a press release. “The Region continues to exhibit strong financial performance while investing in a broad range of regional priorities.”

According to the region, Moody’s report also says the areas has “strong fiscal outcomes, favourable economic growth and debt affordability.”

It also called Waterloo Region’s outlook stable.

“We continue to have conservative debt and investment management practices to limit risk, while planning far enough ahead to manage challenges like the pandemic through adjusted spending and long-term plan modifications,” said Sean Strickland, the Chair of the Administration and Finance Committee in the release.

AAA is the highest credit rating possible from Moody's.