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

 

Auckland Council’s strong credit ratings reaffirmed

Media release
26 November 2012

Auckland Council’s strong credit ratings reaffirmed by international agencies

Two of the world’s largest credit rating agencies have reaffirmed Auckland Council’s credit ratings, following annual reviews, leaving the biggest local body in Australasia as one of the highest-rated entities in New Zealand.

Moody’s credit rating agency today affirmed council’s rating of “Aa2” with a stable outlook, while Standard & Poor’s affirmed the council’s long-term rating of “AA” and short–term rating of “A1+” last week.

Standard & Poor’s noted in its report Auckland Council’s capable and conservative financial management, strong and diversified economy, high budget flexibility, supportive institutional framework and positive liquidity position.

The Mayor has welcomed the news saying it is a real acknowledgment of the council's financial prudence.

"Retaining our credit rating as before is positive news amidst a global environment of uncertainty with many organisations facing rating downgrades," says Len Brown.

"Auckland Council has carefully balanced the need for keeping debt levels as low as possible while making the investment required to cope with the growth being experienced as Auckland becomes a truly international city.

“It is pleasing that Standard & Poor’s has noted the important role of the Auckland region in New Zealand’s economy as the country’s financial and economic hub.”

Moody’s noted New Zealand’s well-established and stable institutional framework for local government, the close relationship between Auckland Council and Central Government and Auckland’s large and diversified economy. Its rating takes into account the increasing debt levels relating to major upgrades in transit and water infrastructure.

Auckland Council remains one of New Zealand’s highest-rated organisations; its credit ratings are better than the major domestic banks and similar to other local government bodies.

Auckland Council’s Standard & Poor’s rating is one notch below New Zealand Government’s domestic credit rating of “AA+” and on par with its foreign currency credit rating of “AA”. The AA rating is the third-highest on the Standard & Poor’s credit rating scale.

The Moody’s rating is two notches below the NZ Government’s “AAA” credit rating but remains the third-highest rating on the Moody’s credit rating scale.

Ends

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On The Fallout From The Barclay Tape

This is hardly a case of cleaning out your desk and being turfed out onto the pavement.

As others have pointed out, the disgraced Clutha-Southland MP will remain on the public payroll for three months until the election, and for three months afterwards. More>>

 

Ombudsman: Canterbury Schools Reorganisation Mishandled

An investigation into the Canterbury schools reorganisation after the February 2011 earthquakes has found significant gaps and flaws in the Ministry’s engagement and communications with schools and communities. More>>

ALSO:

Law Commission: Contempt Report "Protects Right To Fair Trial"

The proposed Act limits what news media representatives and bloggers can report on court proceedings, but it also makes clearer than the current law where the line is between contempt and freedom of expression. More>>

ALSO:

Gordon Campbell: On Our Refugee Intake (And Uber’s Woes)

On figures released this week, there are currently 65.6 million people worldwide who have been displaced from their homes by war, famine or other external causes… More>>

ALSO:

IGIS Report: GCSB Support For Groser WTO Bid Not Illegal

“The inquiry has found that the GCSB did not act unlawfully or improperly in providing assistance to the New Zealand government campaign”, Ms Gwyn said. More>>

ALSO:

PM's Press Conference: Pike And Houses

There were questions on Pike River mine re-entry after new video from inside the drift was released over the weekend. English maintained a human effort would not be feasible irrespective of any future coalition demands from NZ First. He said the government would continue to work with families on non-manned re-entry. More>>

ALSO:

Flogging A Dead Horse: NZ First Seeks New s59 Referendum

10 years on from the so called “anti-smacking” law - NZ First calls for a binding referendum. NZ First MP Tracey Martin told TVNZ’s Q+A programme that the law change has had a “chilling effect” on NZ parents including herself. More>>

ALSO:

Always Interesting: Internet Party Has New Leader

The Internet Party has a new leader: Suzie Dawson... She currently resides in Moscow, Russia, where she has applied for temporary asylum due to severe persecution she reports being subjected to by those whose corruption she worked to expose.More>>

 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

Featured InfoPages

Opening the Election
 
 
 
  • PublicAddress
  • Pundit
  • Kiwiblog
More RSS News Alerts