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

Anzac Issue Out Now: Werewolf 47

Alison McCulloch: Lest We Remember

Local iwi have plans to spruce up the Te Ranga site as part of the 150th commemorations this year of key battles in the “New Zealand Wars”, but not a lot of money to do it with.

Information gathered from numerous government agencies shows that while more than $25 million is being spent on monuments and commemorations relating to foreign wars, primarily World War I and its centenary, only around $250,000 has been set aside for those fought on our own soil. More>>

Anne Russell: Anzac Day - Identity Politics, With Guns

Even cursory research into media reports from the past forty years reveals a cultural shift in the commemoration of Anzac Day. Among other things, turnout at Dawn services has increased significantly in recent decades.

Contemporary numbers are estimated at 3,000-4,000 in Wellington, and 10,000-15,000 in Auckland. Newspaper reports from the 1970s and 80s estimated Wellington turnouts at 300-800, and Auckland at anywhere from 600 to 4,000. More>>

 

Parliament Today:

Spookwatch: New Inspector-General Of Intelligence And Security Appointed

Prime Minister John Key hasannounced the appointment of Cheryl Gwyn as Inspector-General of Intelligence and Security. The appointment was made by the Administrator of the Government on behalf of the Governor General and is for a term of three years. More>>

Crowdsourcing: Green Party Launches Internet Rights And Freedoms Bill

The Green Party has today launched the Internet Rights and Freedoms Bill, New Zealand’s first ever Bill crowdsourced by a political party. More>>

ALSO:

Gordon Campbell: On The Shane Jones Departure

Shane Jones has left Parliament in the manner to which we have become accustomed, with self interest coming in first and second, and with the interests of the Labour Party (under whose banner he served) way, way back down the track. More>>

COMMENT:

Multimedia: PM Post-Cabinet Press Conference - April 22 2014

The Prime Minister met with reporters to discuss: • The recent improvement in the economy with a growing job market • Income and wealth inequality • Easter trading laws • The New Zealander killed in a drone strike in Yemen... More>>

ALSO:

Easter Trading: Workers 'Can Kiss Goodbye To Easter Sunday Off'

The Government’s decision to “reprioritise” scarce labour inspector resources by abandoning the enforcement of Easter Sunday Shop Trading laws means workers can kiss goodbye to a guaranteed day off, says Labour’s Associate Labour Issues spokesperson Darien Fenton. More>>

ALSO:

ACT Don't Go For Maximum Penalty: Three Strikes For Burglary, Three Years Jail

Three strikes for burglary was introduced to England and Wales in 1999. As in New Zealand, burglary was out of control and given a low priority by the police and the courts. A Labour government passed a three strikes law whereby a third conviction for burglaries earned a mandatory three years in prison... More>>

ALSO:

Gordon Campbell: On Drone Strikes And Judith Collins‘ Last Stand

The news that a New Zealand citizen was killed last November in a US drone attack in Yemen brings the drones controversy closer to home. More>>

ALSO:

Elections: New Electorate Boundaries Finalised

New boundaries for the country’s 64 General and seven Māori electorates have been finalised – with an additional electorate created in Auckland. More>>

ALSO:

Policies: Labour’s Economic Upgrade For Manufacturing

Labour Leader David Cunliffe has today announced his Economic Upgrade for the manufacturing sector – a plan that will create better jobs and higher wages. More>>

ALSO:

Gordon Campbell: On The Life And ACC Work Of Sir Owen Woodhouse

With the death of Sir Owen Woodhouse, the founding father of the Accident Compensation Scheme, New Zealand has lost one of the titans of its post-war social policy. More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
Regional
Search Scoop  
 
 
Powered by Vodafone
NZ independent news