MEDIA STATEMENT

22 August 2013

Hutt City Again Gets AA Credit Rating

International credit rating agency Standard & Poor’s has reaffirmed Hutt City Council’s AA credit rating.

An AA rating is the same rating as the NZ government and means recipients have a “very strong capacity to meet their financial commitments”.

Lower Hutt Mayor Ray Wallace says the rating underlines the council’s careful approach to managing ratepayers’ money and makes the council one of the most creditworthy in the country.

“We are currently the only New Zealand council rated by Standard &Poor’s that consistently achieves after-capital account surpluses,” he says.

Hutt City’s financial management was described by the agency as a very positive factor in the ratings. The agency says council is supported by an experienced and qualified management team.

Chair of the Finance and Audit Committee, Deputy Mayor David Bassett, described the rating as a vote of confidence in the Hutt City Council’s management of its finances and plans for the future.

“The agency has a very positive view of Hutt’s financial management practices and says the city’s budgetary performance is very strong and our operating position is expected to improve in the future.

“This is a statement about confidence in our managerial and councillor management of the city’s finances,” says the Deputy Mayor.

“Their outlook is that we will continue to manage our financial position and hold our AA rating.

“I believe this a very positive outcome for our city,” he says.

ENDS

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