The City of Brampton has reassessed its capital program and increased transit-related spending, leading to an increase in the city’s debt burden over the forecast period to slightly over 30% of operating revenue. We expect Brampton's recourse to strong reserves and support from the province will mitigate full reliance on debt financing. Accordingly, S&P Global Ratings affirmed its'AAA'long-term issuer credit rating on Brampton. The stable outlook reflects our expectation that strong management and a resilient economy will support the city's solid financial performance, with Brampton's liquidity position remaining a key credit strength. On Oct. 28, 2026, S&P Global Ratings affirmed its'AAA'long-term issuer credit rating on the City of Brampton, in the Province of Ontario. The outlook
