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

 

Waitakere Gets Top Ratings

October 29, 2003
MEDIA RELEASE (For Immediate Release)

Waitakere Gets Top Ratings

Melbourne based Standard & Poor’s, an international credit agency, has today given Waitakere City Council one of its highest ratings.

The agency has assigned the Council it’s A-1+ rating, its highest possible short-term debt grading.

The Council’s long-term debt rating is AA-, the fourth highest longer term grading possible.

“Council is projecting a rapid increase in its debt burden in the next few years, due to its heavy capital expenditure programme,” says Standard & Poor’s credit analyst, Brendan Flynn. “However, this program is affordable and has been factored into the AA- rating”.

The construction of a new transport centre and library in Henderson, as well as other infrastructure needed because of strong population growth is contributing to the planned capital expenditure programme.

The internationally recognised ratings give the Council access to a wider number of investors, a stronger negotiating position, stronger marketing profile and more competitive interest rates, potentially saving ratepayers thousands of dollars a year.

Janet Clews, chairperson of the Council’s Finance and Operational Performance committee says the approvals send a strong message about the City’s financial position.

“They have looked at our books and told us that we are in very good shape. And just as importantly, they looked at the direction we are taking the City and its long-term economic prospects and expressed confidence in that.”

Mr Flynn makes special mention of the City’s long-term direction.

“Standard & Poor’s takes comfort from the community consultation process undertaken by council in developing its long-term plan,” he says.

Councillor Clews adds: “Consulting with and listening to our community is a commitment we pride ourselves on and we are particularly delighted that this aspect of our City planning has been recognised.”

Only a handful of New Zealand towns or cities hold a credit rating from the likes of Standard & Poor’s. Waitakere’s ratings put it on a par with the likes of Dunedin.

About Standard & Poor’s

Standard & Poor's is the world's foremost provider of independent credit ratings, indices, risk evaluation, investment research, data and valuations. With 5000 employees located in 20 countries, Standard & Poor's is an essential part of the world's financial infrastructure and provides investors with the independent benchmarks they need to feel more confident about their investment and financial decisions. In Australia, the company has been voted INSTO “Rating Agency of the Year” for the third year running.


ENDS

© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On Vulnerable Kids, RNZ Funding, And Poppy

The decision to remove the word ‘vulnerable’ from the Ministry for Vulnerable Children could well mark a whole shift in approach to the care of children in need.

And I’m hedging with the ‘could well’ only because the Ardern government hasn’t yet spelled out whether the name change it has announced will also involve a rejection of the controversial use of Big Data to try and predict those children deemed to be at highest risk of inter-generational reliance on welfare support. More>>

 

Principals' Federation: End Of National Standards

Today the Minister of Education announced that the Government has stopped the controversial National Standards system of assessment and declared them an arbitrary measure which did not raise children's achievement as the previous Government intended. More>>

ALSO:

Public Good: People’s Report On Public Broadcasting And Media Presented

The People’s Commission on Public Broadcasting and Media, was crowdfunded and was informed by an extensive consultation, seeking the views of both those working in Media as well as gathering input both online and in person from ordinary Citizens. More>>

ALSO:

RBNZ To RNZB: PM's Press Conference

Prime Minister Jacinda Adern was joined by Minister of Finance Grant Robertson and Minister for Children Tracey Martin to announce the appointment of Adrian Orr as the new Governor of the Reserve Bank and the name change of the Ministry for Vulnerable Children to ‘Oranga Tamariki - Ministry for Children’. More>>

ALSO:

'Taming Globalised Capital': Why Is Labour Supporting Investment Rules In WTO?

‘Today, we learned the new government has added New Zealand’s name to a proposal designed to lead to foreign investment rules in the WTO at this week’s ministerial meeting in Argentina,’ said Auckland University Professor Jane Kelsey. More>>

ALSO:

Gordon Campbell: On The Politics Of Scaring Voters Back Into Line

Fear has always been a useful mobilising tool in politics… yet in 2017, bogeymen of all shapes and sizes seem to have fallen on hard times. For years, the National party had painted itself as being the only reliable defensive bastion against the terrifying prospect of a centre-left government… More>>

ALSO:

Gordon Campbell: On Drinking Water As A Failure Of Political Leadership

It is almost possible to feel sorry for the Health Ministry in their terrible, no good, very bad week... More>>

ALSO:

 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

Featured InfoPages