Investor Relations


Enhanced ESG Loan-by-Loan Disclosure

On March 30, 2023, the Members of the Municipal Finance Authority of British Columbia approved the funding of the following loans. A new issue mandate announcement came on May 24th, with an official launch following on May 25th. Books were 1.7x oversubscribed and broadly distributed to 18 investors.  Funding was accomplished with a new 10.5-year 4.05% December 3, 2033, bullet debenture. 

This loan-by-loan disclosure is an important element of MFABC’s Sustainability Framework. MFA's 'Use of Proceeds' disclosures are among the most transparent in the marketplace and we commit to furthering KPI disclosures over time. 

2024 - Sustainable Bond Framework

Read our letter to investors: BCMFA Reclassification 


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

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, Betsy Yeung, Chief Services Officer, and Matthew O'Rae, Chief Financial Officer) have over 14 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.


In addition to Member representation from all 28 regional districts in the province, a smaller Board of ten Trustees is elected annually from the 40 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 Malcolm Brodie, Chair
Cariboo Al Richmond, Acting Chair
East Kootenay Rob Gay
Capital Doug Kobayashi
Comox Valley  Melanie McCollum
Kootenay Boundary Linda Worley
Metro Vancouver Brad West
Metro Vancouver Linda Buchanan
Metro Vancouver John McEwen
North Coast Barry Pages

For the complete list of MFABC's members, click here.

Tools / Resources

Find 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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