International credit rating agency, Standard and Poor’s (S&P) has affirmed Greater Wellington’s 'AA+' long-term foreign currency and local currency and 'A-1+' short-term issuer credit ratings with a stable outlook for the future.

“This keeps us within a small band of six councils that have achieved and maintained these long and short-term ratings”, said Daran Ponter, Greater Wellington Council Chair.

It’s welcome news for Greater Wellington on the back of a tumultuous Covid-19 driven economic period and testament to the Council’s good financial practice”, added Cr Ponter.

S&P’s affirmation and report commented that “Greater Wellington's financial management is successfully addressing the challenges posed by COVID-19 and the subsequent recovery period”.

This is a great vote of confidence in the team at Greater Wellington and our efforts to deliver value for money to the region’s ratepayers”.

We will continue to deliver our high standard of financial management and work with the Government and the Local Government Funding Agency to secure better funding arrangements on the back of this rating and outlook, ” adds Cr Ponter.

Greater Wellington’s rating is not just a reflection of its level of debt but also a consideration of other factors, such as: financial management; budgetary performance and liquidity.

Having a strong rating also enables the Local Government Funding Agency, the major funder of councils, to access a wider pool of investors and potentially lower borrowing margins to benefit all New Zealand councils.

© Scoop Media