Credit Rating Upgrade For Waitakere City

Waitakere City Council has received a credit rating upgrade from international agency Standard and Poor's.

After the Council decided to re-engage the agency it received an 'AA-/A-1+' issuer credit rating.

The Council’s Chief Executive, Vijaya Vaidyanath, says a new AA- rating will give the Council better access to loan funding at more favourable interest, meaning savings for ratepayers.

“We can now go into the Super City confident that Waitakere’s financial situation is solid,” she says, noting that all assets and liabilities will be merged into the new Council next year.

The ratings reflect Standard & Poor's assessment of the credit quality of the pending greater Auckland Council, of which Waitakere will be part.

ENDS

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