In its report, Standard & Poor’s says:
· “Council’s large capital programme and borrowing levels are supported by growing revenues and Crown infrastructure funding”, adding that “prefunding remains a key strength to support liquidity”.
· Hutt City Council’s recent restructure should help it to deliver its large capital programme, address growth pressures and ensure environmental sustainability.
· The council adopts budgets and long-term plans without delay, and it remains focused on being financially disciplined in its approach to borrowing. We consider its debt and liquidity policies to be prudent.”
Lower Hutt Mayor Campbell Barry says the latest rating reinforces Council’s record of strong financial management.
“It is further evidence that our approach of getting back to basics is the right one. Not only are we investing in the infrastructure and services that enable our people and all our communities to thrive – we are doing it in a financially sustainable and prudent way.”
Council Chief Executive Jo Miller says the report highlights the strength of Council’s financial management citing “a supporting institutional framework, experienced management team and strong economic profile that underpins Hutt’s creditworthiness”.
“An AA rating by a major international rating agency clearly shows confidence in our investment plans and supporting financial strategy and policies that were reset through the recent development of our 10-year plan.”