7 June 2018
Global rating agency Standard and Poor’s has raised Whanganui District Council’s long-term credit rating to AA (from AA-) and has maintained its short-term issue rating of A-1+.
The credit rating was announced to the financial markets on 6 June 2018.
Chief Executive, Kym Fell, says the rating reflects a stable outlook for the Council.
Mr Fell says, “Our Standard and Poor’s rating has improved as our major infrastructure projects such the wastewater treatment plant and repairs to flood-damaged roads have been completed on time and within budget.
“The report says they expect the Council's financial position to continue to improve, which in turn will reduce its debt burden.”
Whanganui District Council’s General Manager, Finance, Mike Fermor, says, “This AA credit rating is now the same as the New Zealand Government and is higher than the rating of New Zealand’s banks.
“An improved credit rating reflects well on our transparency and on sound financial and project management. This is great news and will result in lower borrowing costs in future.”