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Standard and Poor’s Credit rating – AA+ confirmed

Media Release 10 December 2006 1 page

**Joint statement from Bob Lineham, Chief Executive Christchurch City Holdings (CCHL) and Roy Baker, General Manager Corporate Services, Christchurch City Council.

Standard and Poor’s Credit rating – AA+ confirmed

Christchurch City Council and Christchurch City Holdings are very pleased that Standard and Poor’s has confirmed their joint AA+ credit rating.

The AA+ rating is a joint rating for the Council and City Holdings. It reflects the council’s strong operating forecasts, its flexibility to adjust rate revenue and the strength of the local economy.

The rating includes a negative credit outlook which reflects that the Council is planning an increase in its capital expenditure over the next few years as provided for in its Long-term Council Community Plan.

“This AA+ rating reflects extremely favourably on the financial state of the Council and CCHL. The planned capital programme is to meet the needs of a growing city and is in line with community expectations,” Mr Lineham and Mr Baker said.

ENDS

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