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Whanganui District Council credit rating remains unchanged

Fuseworks Media
Fuseworks Media

Global rating agency Standard and Poor’s has confirmed Whanganui District Council’s long-term credit rating has remained unchanged at AA long-term (A-1+ short-term).

Chief Executive, Mr Kym Fell, says, "This is really good news and confirms their view that we are in a strong financial position despite the impacts of the COVID-19 pandemic.

"Contributing to our strong credit rating is the consistency shown by elected members and management in the Council’s strategic direction, the tight controls exhibited on expenditure while at the same time maintaining a consistent approach to debt repayment," Mr Fell says.

The Council’s General Manager - Finance, Mike Fermor, says, "A good credit rating reflects Standard and Poor’s assessment of the Council’s financial and project management. This is great news and will result in lower borrowing costs in future."

The credit rating was announced to the financial markets on 24 June 2020.

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