International credit rating agency Standard and Poor’s has reaffirmed Christchurch City Council’s financial rating at AA-.
The agency has also revised its outlook upwards to positive.
“The positive outlook reflects Christchurch’s stronger budgetary performance and our expectation that it will continue to improve as earthquake reconstruction works tail off. As a result, there is at least a one-in –three chance that we could raise our ratings on the Council over the next two years,’’ Standard and Poor’s says in its report.
Council Chief Financial Officer, Leah Scales says this positive result reflects the rigorous financial review the Council has done over the past two years, New Zealand’s strong handling of the pandemic, and the Christchurch’s wealthy economic profile.
“The new positive outlook shows that we are in strong financial health and well-positioned to deliver on our Long Term Plan,’’ Ms Scales says.