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MFABC Successfully Completes $500 Million Bond OfferingMunicipal Finance Authority of BC
VICTORIA – The Municipal Finance Authority of British Columbia (“MFABC”) has successfully completed its fourth and final bond issue of the year, raising $500 million to support existing long-term capital projects throughout the Province. The proceeds of this transaction will be used to refinance existing indebtedness for an additional five-year period.
“In 2017 we have raised over $950 million of long term financing, directly supporting local governments throughout the Province,” said Peter Urbanc, MFABC Chief Administrative Officer. “Our low-cost funding is available to every community, no matter how large or small, ensuring that BC as a whole benefits from our collective strength”.
MFABC is among a short list of organizations worldwide which have been assigned a AAA/Aaa/AAA credit rating from Standard & Poor’s Investor Services, Moody’s Investor Services and Fitch Ratings, respectively. This is the highest achievable credit rating, allowing MFABC to access capital markets at a low cost, and to pass those savings on to local governments throughout the Province.
MFABC was created in 1970 to contribute to the financial well-being of local governments in BC. The Authority provides long and short-term financing, investment management, equipment financing and other financial services to communities and public institutions in BC.