11 December 2014

Christchurch City Council credit rating maintained

International credit rating agency Standard and Poor’s has reaffirmed Christchurch City Council’s financial rating as A+.

The Council’s Chief Financial Officer Peter Gudsell says, “The Council is pleased that Standard and Poor’s has maintained its current A+ credit rating. We appreciate that the progress we have made has been noted.

“We recognise we have some financial challenges ahead as the rebuild proceeds but I believe we can successfully negotiate those challenges.

Standard and Poor’s says the Council remains on a negative outlook because, despite progress, uncertainties remain over the ultimate rebuild cost to the Council.

Mr Gudsell says, “I’m confident the Council will reduce its current operating deficit to budgeted levels through continued careful financial management and the creation of efficiencies wherever possible.

“We’re already addressing the Council’s financial situation with last week’s decision regarding the proposed Financial Strategy.”

ENDS

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