Gordon Campbell | Parliament TV | Parliament Today | News Video | Crime | Employers | Housing | Immigration | Legal | Local Govt. | Maori | Welfare | Unions | Youth | Search

 


Standard & Poors affirms Auckland Council “AA” credit rating

20 February 2012

Auckland Council “AA” credit rating affirmed by Standard and Poors

Auckland Council is pleased that credit rating agency, Standard and Poor’s, has affirmed its long-term rating at AA stable today, after reviewing its draft Long Term Plan financial projections.

The rating agency’s action reflects Auckland Council’s prudent financial strategy, which emphasises strong financial management, a balanced budget, and efficient, diversified funding sources. These balance the impact of proposed investments to improve the region and its infrastructure, which it plans to fund through debt.

Both the Mayor and the Chair of the Council's Strategy and Finance Committee have welcomed the news.

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

"The announcement is an endorsement of the fiscal responsibility being shown by Auckland Council," says Councillor Penny Webster. "Retaining our credit rating as before is positive news amidst a global environment of uncertainty with most organisations facing rating downgrades.”

Standards and Poor’s note in their report the strong financial management, the supportive institutional framework of Auckland Council and the important role the Auckland region plays in New Zealand’s economy as the country’s financial and economic hub.

Auckland Council remains one of New Zealand’s highest-rated local entities; its AA rating is above that of the major domestic banks and similar to other rated local government bodies. The rating is one notch below the government’s domestic credit rating of “AA+” and on par with its foreign currency credit rating of “AA”.

AA is the third-highest credit rating on the Standard and Poor’s credit rating scale.

Auckland Council is undergoing its own review of its funding arrangements and will undertake full public consultation on its draft Long-term Plan including various the sources of funding for the wide range of projects within the plan.

ENDS

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

 

CPAG: Government Spends Over $100K Pursuing Beneficiary

For the past fifteen years, Kathryn, now in her fifties and living alone with chronic ill health on a benefit, has been challenging the decision by the MSD that she has to pay back $117,000. She has no assets or savings and cannot afford to pay for fresh food or therapy that would improve her health. More>>

ALSO:

Labour: National’s Cuts Shave $100K Off KiwiSaver By Retirement

New analysis shows National’s constant cuts to KiwiSaver will reduce the average worker’s retirement savings by $100,000 over their working life, Leader of the Opposition Andrew Little says... Since coming to office it has made five separate cuts to the scheme." More>>

ALSO:

Auckland: Transport Operators Switch From SuperGold To AT HOP Cards

Seniors using Auckland’s public transport will need to use their AT HOP cards from today but Auckland Transport has requested its operators to show understanding for those customers yet to complete the switch from SuperGold cards. More>>

ALSO:

Crime Stats: Burglary Up 11.9%

“While burglary rates are still below that of recent years, there has been an increase of more than 10 per cent over the past 12 months, which is of concern to Police and something we are determined to tackle,” says Police Commissioner Mike Bush. More>>

ALSO:

Help: Lifeline Aotearoa Fighting For Survival

Lifeline Aotearoa has announced it only has enough money to run for one more year. By 30 June 2017, all available sustainability reserves and funds from a new mortgage on its Auckland property will be exhausted. More>>

ALSO:

Overseas Investment: Auditor-General To Examine OIO

The Auditor-General is to examine how the Overseas Investment Office collects and manages information following a request from the parliament's finance and expenditure committee. More>>

ALSO:

Gordon Campbell: On Bill English Living In Denial

The working poor have been a direct byproduct of the economic policies in vogue for the past 30 years or more, all over the Western world... That anger was evident in the Brexit vote, and it underlies the support for Donald Trump in the United States. More>>

ALSO:

Final Reading Of Parental Leave Bill: Families With New Babies Victims Of Veto

“For the first time ever, a Bill will have a third reading debate and no vote will be taken at the end because the National Government has used its veto – an extreme measure against families,” says the Bill’s sponsor, Labour MP Sue Moroney. More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
 
Politics
Search Scoop  
 
 
Powered by Vodafone
NZ independent news