Financial Rating Outlook Remains Stable

Financial Rating Outlook Remains Stable

Dunedin (Thursday, 4 December 2014) – The Dunedin City Council has maintained its financial rating.

In a Research Update released today, Standard and 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.

“This reflects the ongoing work by elected members and staff to limit operational spending and reduce debt levels.”

In its 2014 update, S & P states the ratings 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 will continue to manage its financial position in line with our forecasts.”

S & P is expected to release its full report in about a week.

ENDS

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