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Tasman Council awarded AA- credit rating
September 26th, 2013
[TDC press release]
International credit rating firm Standard and Poors have completed an extensive evaluation process and issued the Tasman District Council with a long term AA- credit rating with a stable outlook.
The rating is the same as the country's four major trading banks, and is only one step below that of Auckland and Wellington councils.
"The rating is a positive reflection of the Council's financial management but maintaining it will require us to borrow less than we have forecast," said Corporate Services Manager Mike Drummond.
"The annual credit rating review will give us and external commentators an ability to measure our financial management and the impact of the changes we envisage at the conclusion of the planned review of the Council's financial strategy.
"In the meantime the rating agency's scrutiny will provide a level of constraint and will certainly assist the Council to set clear financial limits.
"A higher rating is possible if the Council's financial performance significantly improves. Maintaining the rating alone will require careful management of the Council's capital program and a reduction in forecast debt levels.
"The rating gives lenders an internationally recognised and respected framework to judge us on and therefore enables us to secure lower interest rates."
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