Christchurch City Council has credit rating reaffirmed

International credit rating agency Standard and Poor’s has reaffirmed Christchurch City Council’s financial rating.

Today S&P Global Ratings (S&P) affirmed its AA- long and A-1+ short-term issuer credit ratings for both the Council and Christchurch City Holdings Limited with a stable outlook. 

“We forecast Christchurch will maintain very strong operating surpluses over the next two years, reducing its overall cash deficits and debt compared with those of peers, despite its large infrastructure pipeline,” said the S&P report. 

Chief Financial Officer Bede Carran says it emphasises the Council Group’s continuity of leadership, strong liquidity position, and strong financial performance compared to sector peers.

“We can be proud of our fiscal position, which has been shown to be credible and well-established through this report so we’re well placed to deliver our Long Term and Annual Plans for Christchurch and Banks Peninsula residents.”