Council's financial health back to pre-quake levels

Christchurch City Council’s financial rating has been upgraded to AA-. Photo: Geoff Sloan
Christchurch City Council’s financial rating has been upgraded to AA-. Photo: Geoff Sloan
International credit rating agency Standard and Poor's has upgraded Christchurch City Council’s financial rating to AA-.

Previously the city council had an A+ rating.

The improved rating – the highest given to the council since the earthquakes - is a reflection the recent settlement with the Crown, which transfers key decision-making powers and major assets to the council. It is also a result of the city council’s financial management and growing asset base, as well as an improved economic outlook in the city.

Said city council general manager, finance and commercial Carol Bellette: “The new AA- rating from Standard & Poor’s shows we are in strong financial health and well-positioned to continue building on the momentum in Christchurch."

"The earthquakes took a significant financial toll on the organisation and our credit rating was downgraded by Standard and Poor’s as a result. 

"The work we have done has put us back on a strong financial footing and closer to regaining the credit rating we had prior to the earthquakes.

“With the Global Settlement now agreed and new high-value assets, like Tūranga, on our books, we are in a healthy financial position and that is reflected in the AA- rating that Standard & Poor’s have awarded us,’’ Ms Bellette said.

 

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