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Financial Rating Outlook Remains Stable
Financial Rating Outlook Remains Stable
Dunedin (Monday, 14 December 2015) – The Dunedin City Council has maintained its credit rating.
In a Research Update released today, Standard & Poor’s (S & P) has affirmed the AA long-term and A-1+ short-term issuer credit ratings.
DCC Group Chief Financial Officer Grant McKenzie says it is pleasing to have the rating affirmed.
“Staff and elected members continue to work hard to limit operational spending and reduce debt levels. These consistent efforts are reflected in these ratings.”
In its 2015 update, S & P states the ratings affirmations reflect its view of New Zealand’s extremely predictable and supportive institutional framework, plus Dunedin’s strong financial management and very strong budgetary performance.
“The stable outlook reflects our expectations that Dunedin’s financial strategy will ensure continued strong operating surpluses and declining levels of debt.”
S & P is expected to release its full report later in the week.
ENDS
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