Investor Relations


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 

MFA's ESG Framework

Credit Ratings and Reports

We currently hold the highest credit rating possible from three rating agencies.


Commercial Paper

Debenture Debt


Moody's Investors Service


Aaa (Stable)


Standard & Poor's


AAA (Stable)


Fitch Ratings

not rated

AAA (Stable)


 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


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.

Investor Presentation


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.

Tools / Resources

Find status of loans, issue highlights, amortization schedules and historical rates.

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Credit Reports

Every year the MFA presents to 3 credit rating agencies to access the lowest rate possible for our clients.  Here are their findings.

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Annual Reports