Organization
We operate as a cooperative municipal bank for BC’s local governments. We were formed in 1970 under the Municipal Finance Authority Act, but operate independently of the Province of BC.
Our Act empowers us with province wide taxation authority.
Read our letter to investors: BCMFA Reclassification
Credit Ratings and Reports
We currently hold the highest credit rating possible from three rating agencies.
|
|
Commercial Paper |
Debenture Debt |
Reports |
|---|---|---|---|
|
Moody's Investors Service |
P-1 |
Aaa (Stable) |
2020 |
|
Standard & Poor's |
A-1+ |
AAA (Stable) |
2020 |
|
Fitch Ratings |
not rated |
AAA (Stable) |
2020 |
Who and What We Finance
We are responsible for financing local government infrastructure in British Columbia (i.e. water & sewer projects, roads, municipal equipment & facilities, and hospital equipment & facilities). Our clients consist of all municipalities, regional districts and regional hospital districts, in the province.
Our clients support each other’s loan obligations through joint and several liability provisions.
Why Buy Our Bonds?
- High credit rating
- Province-wide taxation authority
- Joint & several loans obligations of clients
- Substantial debt reserve fund
- Benchmark municipal credit in Canada
- Proxy Province credit available at Municipal spreads
Management
Key management personnel (Peter Urbanc; Chief Executive Officer, Shelley Hahn; Chief Services Officer, and Matthew O'Rae, Chief Financial Officer) have over 30 years of experience within the organization and bring an array of financial and legislative skills to the table. All three individuals are available for investor presentations. Please email us for further details.
Operations are audited by KPMG LLP and legal opinions on debenture issuances are provided by Lawson Lundell LLP.
Governance
In addition to Member representation from all 28 regional districts in the province, a smaller Board of ten Trustees is elected annually from the 39 members, to exercise executive and administrative powers including policy, strategy, and business plans. The current Board of Trustees is as follows:
| Regional District | Trustees |
|---|---|
| Metro Vancouver | M. Brodie, Chair |
| Cariboo | A. Richmond, Acting Chair |
| East Kootenay | R. Gay |
| Central Kootenay | J. Morrison |
| Capital | G. Young |
| Fraser Fort-George | L. Hall |
| Strathcona | A. Adams |
| Metro Vancouver | J. Coté |
| Metro Vancouver | J. Froese |
| Metro Vancouver | B. West |
For the complete list of MFABC's members click here.