Wellington Scoop

Porirua City Council maintains its AA credit rating

News from Porirua City Council
The Porirua City Council has again maintained its AA credit rating with Standard & Poor’s and the outlook for this rating remains stable.

“The Council’s debt levels are moderate compared with its domestic peers,” the Standard & Poor’s report says.

“Porirua’s financial management is experienced and relatively conservative. The Council is able to adopt budgets and Long-term plans without delay, and it remains focused on being financially disciplined in its approach to borrowing and insurance policies. We consider its debt and liquidity policies to be prudent.

“The stable outlook reflects our expectation that Porirua’s financial management will deliver its major infrastructure commitments within budget,” the report went on to say.

Porirua City Council Acting Chief Executive Roy Baker says the Standard & Poor’s AA rating enables the Council to access lower cost borrowings to fund capital investment in the city.

“We continue to maintain the highest possible credit rating currently achieved by Local Authorities,” Baker said. “Council’s ongoing strong financial management has resulted in this stable long-term rating outlook for the city.”

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