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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

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