DCC rating rise likely

The Dunedin City Council is one of six councils which are likely to have a credit rating upgrade, after a change in rating methodology from Standard and Poor's.

Dunedin is joined by the Auckland City Council, Greater Wellington Regional Council, Hutt City Council, Waitakere City Council and Tauranga City Council on a S&P credit watch, which is likely to result in a one-notch upgrade.

The Dunedin council's current rating is AA-/A-1+, and an upgrade can be expected within 90 days, after S&P completes its annual review of the council.

The credit rating upgrade was the result of revised criteria, which put more emphasis on a country's institutional framework.

Dunedin City Council finance and corporate services general manager Athol Stephens was not available for comment last night.



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