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NPDC’s strong financial performance gets another big tick

Published: Thu 5 Sep 2019 02:10 PM
NPDC’s strong financial performance gets another big tick from global credit assessor
Independent global rating agency Standard and Poor’s has again reconfirmed NPDC’s AA/A-1+ credit rating, highlighting its strong financial management.
The rating is the highest possible rating a local government body can get in New Zealand.
“NPDC manages assets worth $3.3 billion, runs 17 businesses and has an annual operating budget of about $155 million so it’s very pleasing to see our robust financial management get the seal of approval from independent global credit assessor, Standard and Poor’s,” says Chief Financial Officer Joy Buckingham. “The strong credit rating is underpinned by the $296 million Perpetual Investment Fund, which makes an annual release that offsets rates.”
NPDC is investing $44 million over the next decade to improve water resilience, while the $21 million investment in Zero Waste 2040 is already having an impact with new bins rolling out and work starting soon on The Junction reuse and recycle centre.
The positive outlook for NPDC comes ahead of the upcoming elections where residents will vote for a Mayor, Councillors and Community Board Members who make strategic decisions about our priorities and their financial impacts.
To read the full Standard and Poor’s report click: here.
ENDS

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