News from WCC
Ratings agency Standard & Poor’s says the Wellington City Council is “successfully addressing the COVID-19 shock” – and it has affirmed the Council’s AA/A-1+ credit rating.
In its annual review of the Council’s creditworthiness, S&P says the Council is expected to incur large deficits over the next few years as it increases capital expenditure while COVID-19 drags on council revenue growth – but that its financial outlook is positive.
It says debt will increase, but not materially weaken, the Council’s balance sheet.
Mayor Andy Foster, in welcoming the AA/A-1+ credit, says the Council’s finances are in good hands.