Christchurch City Council retains AA+ financial rating

International credit rating company Standard and Poor's has today (21 December 2009) confirmed the Christchurch City Council's AA+/A-1+ financial rating, unchanged from the previous year's rating.

The financial and local currency ratings show the strong financial position of the Council and its wholly owned subsidiary, Christchurch City Holdings Ltd.

Corporate Services General Manager Paul Anderson said the AA+ rating reflects the sustainable financial strategy set out in the 2009-19 LTCCP and the ongoing tight financial management necessary to deliver to that strategy.

On releasing the ratings, Standard and Poor's commented that: "The local currency rating on Christchurch City Council and Christchurch City Holdings reflect the council's strong budgetary performance and its solid local economy."

About Standard & Poor's Standard & Poor's, a division of The McGraw-Hill Companies (NYSE:MHP), is the world's foremost provider of financial market intelligence, including independent credit ratings, indices, risk evaluation, investment research and data. With approximately 8,500 employees, including wholly owned affiliates, located in 21 countries and markets, Standard & Poor's is an essential part of the world's financial infrastructure and has played a leading role for more than 140 years in providing investors with the independent benchmarks they need to feel more confident about their investment and financial decisions. For more information, visit http://www.standardandpoors.com.au

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