Media Releases



​Metro Vancouver commends the Municipal Finance Authority of British Columbia (MFA) for receiving affirmation of its AAA credit rating from major credit-rating agencies Fitch Ratings, Standard & Poor's and Moody's Investors Service. "The MFA's AAA credit rating, combined with its low interest rates, saves taxpayers in Metro Vancouver money by lowering debt repayment costs and helps our member jurisdictions complete important infrastructure projects that contribute to the livability of their communities and the region as a whole," said Sav Dhaliwal, chair of Metro Vancouver's Board of Directors.  The MFA is the exclusive lender of long-term debt to BC municipalities, which borrow through their respective regional districts, which in turn borrow from the authority. Metro Vancouver and its member jurisdictions make up nearly half of the authority's financial position. The MFA also provides loans to regional hospital districts and has provided loans in the past to TransLink. The three major credit-rating agencies review the MFA each year. The AAA credit rating, the highest possible, is assigned to debt issuers that have the most capacity to repay investors and whose good financial position gives them the lowest risk of default. As a result, MFA clients are able to access capital financing at the lowest possible rates."I am extremely pleased to see the Municipal Finance Authority of British Columbia has once again earned high credit ratings thanks to its strong governance and prudent fiscal management, making it able to continue to provide reliable and affordable capital financing to local governments across the province," said Metro Vancouver Board Director Malcolm Brodie, who also serves as chair of the Municipal Finance Authority's Board of Trustees. Affirmation of the AAA credit rating recognizes not only the strength of the MFA but also the fiscal strengths, policies, and practices of the local governments that borrow from and invest in it. MFA is characterized by strong management and a robust institutional framework with strong credit protection mechanisms and high levels of liquidity from cash and investments that ensure cash flow coverage. Its credit rating is a reflection of the authority's high degree of financial autonomy under provincial statutes as a taxing authority.MFA members are elected officials appointed by the regional boards in each regional district in BC, with representation based on population. As the largest regional district in the province, Metro Vancouver has 10 board members who also sit on the board for the Municipal Finance Authority.