Wellington regional council gets credit upgrade

Thursday 9th December 2010

Greater Wellington Regional Council has had its credit rating upgraded by Standard & Poor's Ratings Services to AA from AA minus. The rating has a stable outlook.

The credit rating company said it has revised its methodology and assumptions for rating international local and regional government entities.

"The strength of this framework has always provided support to our credit ratings on New Zealand local governments, but our revised criteria places further emphasis on a country's institutional framework," Standard & Poor's credit analyst Kyran Curry said.

"The ratings are also supported by a track record of fiscal discipline and a soundly performing local economy that offsets weakening budgetary performance and rising debt levels associated with investment in transport infrastructure."

NZPA

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