Council credit rating upgraded

International credit rating agency Standard and Poor’s has upgraded Christchurch City Council’s financial Credit Rating to AA (Stable outlook).

The agency says that this upgrade is supported by the Council’s record of robust financial management and strong liquidity.

The report goes on to say that the Council’s management is strong compared with its global peers, with financial processes that are credible and well-established.

Council Chief Financial Officer Leah Scales says this positive upgrade is recognition of the hard work the Council has done to manage its budget carefully during the COVID period, and its focus on long-term planning.  

“I’m really pleased with our upgraded rating. Despite the challenges of the past few years, the Council’s financial position is sound, which sets us up well to respond to the current global pressures,” Ms Scales says.