Long Term Borrowing - Municipal Finance Authority (MFA)
The CRD, together with the other Regional Districts in B.C., owns the (MFA). All long-term borrowing of the individual municipalities within the boundaries of the CRD are consolidated at the CRD, guaranteed by the CRD, included in the CRD budget, and forwarded to the MFA for the actual borrowing. The joint and several guarantees of the municipalities and regional districts, and our conservative financial practices have resulted in our long-term debt/bond ratings being Moody's Aaa and DBR's and Standard & Poor's AA+.