Published 24 December 2009
Credit rating agency Standard & Poor’s has given Waitakere City Council an upgrade.
Council chief executive Vijaya Vaidyanath said that after the council decided to re-engage the agency it received an AA-/A-1+ issuer credit rating, which would 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,” Mrs Vaidyanath said. All assets & liabilities of all the region’s councils will be merged into the new Auckland Council next November.
The upgrade may be more to do with the super-city, less to do with Waitakere. Last week, Auckland City Council finance general manager Andrew McKenzie criticised S&P after the agency downgraded his council to the same rating Waitakere has been elevated to.
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Attribution: Council release, story written by Bob Dey for the Bob Dey Property Report.