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Wellington scoop co nz » WCC s good credit rating continues; financial challenges ahead

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.

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