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AA+ credit rating maintained

9 December, 2004

Christchurch City Council pleased AA+ credit rating maintained

Confirmation by Standard & Poor’s of Christchurch City Council’s strong creditworthiness is pleasing, says CCC Strategic Investment Director Bob Lineham. Following a visit to CCC by Standard & Poor’s officers earlier in the year, the ratings agency today affirmed the council’s AA+ long-term rating. Christchurch City Council was rated AA by S&P from 1994 to 2000. In 2001 it was lifted to AA+, the agency’s second-highest ranking.

It is an over-all rating which reflects the agency’s outlook for both the CCC operations and for those of its holding company, Christchurch City Holdings Ltd. Mr Lineham says the Council’s subsidiary companies are included because they form a substantial part of the over-all group finances.

“I’m delighted that once again S&P has confirmed the Council’s rating,” Mr Lineham says. “Double-A plus is an exceptional rating for New Zealand local bodies. Christchurch City Council’s target is to maintain it at AA as we did throughout much of the 1990s so it’s a bonus to have now exceeded it for another year.

In practical terms a high credit rating from S&P means the council is able to borrow money at comparatively low interest rates. “This council is moving toward a period where its capital programme will require an increase in borrowings, and we’ll be able to do that very competitively because of this high rating,” Mr Lineham says.

ENDS


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