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


‘AAA’ rating reflects faith in Powerco sale

‘AAA’ rating reflects faith in Powerco sale

New Plymouth District Council has welcomed today’s announcement from international ratings agency Standard and Poors (S+P) increasing the council’s long-term credit rating to ‘AAA’ – a first for a local authority in New Zealand.

Mayor Peter Tennent says: “S+P attributes the ‘AAA’ rating to the council’s sale of its Powerco shareholding and this shows that a world leader in international finance is confident that we made the right decision to sell.

“I am extremely proud to lead a council with the highest rating of any local authority in New Zealand. It is testament to our policy of making decisions based purely on solid business rationale, while taking the best financial advice in the country.”

S+P also backs the council’s view that diversification of its investment portfolio is the correct long-term approach for the New Plymouth district, noting ‘credit strength is also enhanced by the diversification that the Powerco sale brings. The income generated by a well-balanced investment portfolio is subject to less risk than the single income stream earned from council’s investment in Powerco’.

About Standard & Poor’s
Standard & Poor's is one of the world’s pre-eminent providers of independent credit ratings, indices, risk evaluation, investment research, data and valuations. A copy of its press release announcing the council’s ‘AAA’ rating is available at www.standardandpoors.com.au. S+P’s full report on the ‘AAA’ rating will be available on the council’s website, www.newplymouthnz.com, in the coming days.

© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines


Breed Laws Don’t Work: Vets On New National Dog Control Plan

It is pleasing therefore to see Louise Upston Associate Minister for Local Government calling for a comprehensive solution... However, relying on breed specific laws to manage dog aggression will not work. More>>


Corrections Corrected: Supreme Court Rules On Release Dates

Corrections has always followed the lawful rulings of the Court in its calculation of sentence release dates. On four previous occasions, the Court of Appeal had upheld Corrections’ practices in calculating pre-sentence detention. More>>


Not Waiting On Select Committee: Green Party Releases Medically-Assisted Dying Policy

“Adults with a terminal illness should have the right to choose a medically assisted death,” Green Party health spokesperson Kevin Hague said. “The Green Party does not support extending assisted dying to people who aren't terminally ill because we can’t be confident that this won't further marginalise the lives of people with disabilities." More>>


General Election Review: Changes To Electoral Act Introduced

More effective systems in polling places and earlier counting of advanced votes are on their way through proposed changes to our electoral laws, Justice Minister Amy Adams says. More>>

Gordon Campbell: On Our Posturing At The UN

In New York, Key basically took an old May 2 Washington Post article written by Barack Obama, recycled it back to the Americans, and still scored headlines here at home… We’ve had a double serving of this kind of comfort food. More>>


Treaty Settlements: Bills Delayed As NZ First Pulls Support

Ngāruahine, Te Atiawa and Taranaki are reeling today as they learnt that the third and final readings of each Iwi’s Historical Treaty Settlement Bills scheduled for this Friday, have been put in jeopardy by the actions of NZ First. More>>


Gordon Campbell: On The Damage De-Regulation Is Doing To Fisheries And Education, Plus Kate Tempest

Our faith in the benign workings of the market – and of the light-handed regulation that goes with it – has had a body count. Back in 1992, the free market friendly Health Safety and Employment Act gutted the labour inspectorate and turned forestry, mining and other workplace sites into death traps, long before the Pike River disaster. More>>

Get More From Scoop



Search Scoop  
Powered by Vodafone
NZ independent news