‘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.

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