Local Govt | National News Video | Parliament Headlines | Politics Headlines | Search

 

Outlook For City’s Credit Rating Is Positive

May 7, 2002

Auckland City Council’s AA (long term) and A1+ (short term) credit ratings have been affirmed this week by the credit rating agency Standard and Poor’s.

The outlook for the city’s credit rating is positive, says the agency, noting that the long-term credit rating “has the potential to move up by one or even two notches,” should the Council proceed with the sale of its shares in Auckland International Airport Ltd.

The chairman of the Finance and Corporate Business Committee, Cr Doug Armstrong, says the latest report from Standard and Poor’s notes that Auckland City’s credit rating has been constrained by previous Long Term Financial Strategies which forecast a substantial rise in debt.

“This Council is forecasting a significantly different outcome – zero net debt by June 2003 – and for that position to be sustained for at least the next 10 years,” says Cr Armstrong.

“The financial position of the Council as reflected by the Standard and Poor’s rating is consistent with the strategy outlined in the Annual Plan.”

Standard and Poor’s considers that the proposed change in policy is beneficial for Auckland City Council’s credit rating.

ENDS



© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Taxing Capital Gains: Tax Working Group Delivers Final Report

Group Chair Sir Michael Cullen says our system has many strengths but there is a clear weakness caused by our inconsistent treatment of capital gains.

“New Zealanders earning just salary and wages are taxed on their full income but we have several situations where you can earn income from gains on assets and not be taxed at all.

“All members of the Group agree that more income from capital gains should be taxed from the sale of residential rental properties. The majority of us on the Group, by a margin of 8-3, support going further and broadening that approach to include all land and buildings, business assets, intangible property and shares.” More>>

 

89 Cents An Hour: Govt Plans Fix For Minimum Wage For People With Disabilities

IHC is delighted that the Government is looking into replacing the Minimum Wage Exemption (MWE) with a wage supplement to ensure people with disabilities are paid at least the minimum wage. More>>

ALSO:

Auckland Action Against Poverty: Motels Profit From Housing Crisis

A single motel which charges up to $1,500 per week per room has received over $3 million worth of Government funds to provide emergency assistance, despite never having a Code Compliance Certificate – an offence under the Building Act – and receiving a series of longstanding complaints from occupants... More>>

ALSO:

Gordon Campbell: On The Alleged China Relations Crisis

If New Zealand’s relations with China are ‘deteriorating’ then you still need a microscope to detect the signs... More>>

ALSO:

Environment: Government To End Tenure Review

“Tenure review has resulted in parcels of land being added to the conservation estate, but it has also resulted in more intensive farming and subdivision on the 353,000 ha of land which has been freeholded. This contributed to major landscape change and loss of habitat for native plants and animals,” said Eugenie Sage. More>>

ALSO:

Bell Tolls: Big Changes, Grand Mergers Planned For Vocational Training

“At a time when we’re facing critical skill shortages, too many of our polytechnics and institutes of technology are going broke... More>>

ALSO:

Sallies' State Of The Nation: Progress Stalled In Reducing Inequality

The report shows a lack of tangible progress in key areas including record levels of household debt and a growing gap in educational achievement between poorer and more well off communities. More>>

ALSO:

Party Politics In Tax Morale Survey: SSC To Seek Answers From IRD

Minister of State Services Chris Hipkins has today asked the State Services Commissioner Peter Hughes to examine IRD’s reported inappropriate use of a public survey. More>>

ALSO:

 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

InfoPages News Channels