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Municipal Finance Authority of British Columbia Successfully Completes $555 Million 10-Year Bond OfferingMunicipal Finance Authority of BC
VICTORIA - The Municipal Finance Authority of British Columbia (“MFABC”) has successfully completed its second bond issuance of the year, raising $555 million to support long-term capital projects throughout the Province. The proceeds of this transaction will be used to fund 42 loans across 28 municipalities, regional districts and regional hospital districts.
“We are very proud to be a part of creating new infrastructure throughout the Province which benefits our communities and the environment, and includes LEED certified hospital projects and sewage treatment facilities”, said Peter Urbanc, Chief Administrative Officer at MFABC.
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 throughout BC. The Authority provides long and short-term financing, investment management, equipment financing and other financial services to communities and public institutions in BC.