Council Receives Credit Rating Upgrade
Global Ratings Agency Standard and Poors (S&P) has upgraded the South Taranaki District Council’s (STDC) long term credit rating from AA- to AA and affirmed its short term rating A-1+ with Stable outlook.
Council Chief Executive Waid Crockett says the upgrade reflects the Council’s sound financial management and liquidity coverage.
“This credit rating upgrade from S&P is great news not only because it signals strong confidence in Council’s prudent financial management from a well-respected independent source, but also because it will result in significant savings for our ratepayers,” says Mr Crockett. “The higher credit rating means we will be able to save a further up to $50k-60k annually on debt servicing in the future.”
South Taranaki District Council is one of 32 Councils across the country that has credit ratings. S&P conducts its reviews annually.