Auckland Council receives strong credit rating from second rating agen…
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18/04/2012. 13:53
KoreaPost
Auckland Council has been assigned a second long-term credit rating, in addition to the Standard and Poor’s rating of AA received in February 2012.
Moody’s Investors Service today assigned Auckland Council a rating of Aa2. The new rating is equivalent to the Standard and Poor’s AA rating, and is the third-highest credit rating on the Moody’s credit rating scale.
Auckland Council remains one of New Zealand’s highest-rated local entities and its Aa2 rating is above that of the major domestic banks.
The additional credit rating from Moody’s is required to support Auckland Council’s ongoing borrowing programme and provides a second opinion on the financial strength of Auckland Council.
“Moody's reviewed our draft Long-term Plan, financial management and projected debt levels and have assessed Auckland Council as high quality and having very low credit risk,” says Auckland Council Chief Financial Officer, Andrew McKenzie.
“The new credit rating is required as part of council’s debt strategy to diversify its investor base and lengthen our terms of funding. This, in turn, will lead to achieving an overall lower cost of borrowing,” he says.
Auckland Council is borrowing to fund investment in the transformative projects, such as electric trains, CBD train loop and opening up Auckland’s waterfront, which will benefit all Aucklanders for generations to come. Investment and associated borrowing is required to both cater for the future growth of the region and achieve the goal of making Auckland the most liveable city in the world.
“Auckland Council is increasing its debt as the most equitable way of funding these future transformative projects. We are also diversifying our sources of funding to secure the best rates for the people of Auckland and for the region,” says Mr McKenzie.
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Moody’s Investors Service today assigned Auckland Council a rating of Aa2. The new rating is equivalent to the Standard and Poor’s AA rating, and is the third-highest credit rating on the Moody’s credit rating scale.
Auckland Council remains one of New Zealand’s highest-rated local entities and its Aa2 rating is above that of the major domestic banks.
The additional credit rating from Moody’s is required to support Auckland Council’s ongoing borrowing programme and provides a second opinion on the financial strength of Auckland Council.
“Moody's reviewed our draft Long-term Plan, financial management and projected debt levels and have assessed Auckland Council as high quality and having very low credit risk,” says Auckland Council Chief Financial Officer, Andrew McKenzie.
“The new credit rating is required as part of council’s debt strategy to diversify its investor base and lengthen our terms of funding. This, in turn, will lead to achieving an overall lower cost of borrowing,” he says.
Auckland Council is borrowing to fund investment in the transformative projects, such as electric trains, CBD train loop and opening up Auckland’s waterfront, which will benefit all Aucklanders for generations to come. Investment and associated borrowing is required to both cater for the future growth of the region and achieve the goal of making Auckland the most liveable city in the world.
“Auckland Council is increasing its debt as the most equitable way of funding these future transformative projects. We are also diversifying our sources of funding to secure the best rates for the people of Auckland and for the region,” says Mr McKenzie.
Ends