Waipā retains AA- Fitch rating for seventh year in a row

International rating agency Fitch has reaffirmed Waipā District Council's credit rating as AA- with a stable outlook.

The agency released its decision publicly today following the council’s annual credit rating review. It is the seventh year in a row that the council has maintained the rating.

Deputy Chief Executive and Chief Financial Officer Ken Morris said the rating being reaffirmed by the Hong Kong and Sydney-based analysts was “really good news”, particularly in the current financial climate.

“We’ve had a steep increase in our debt levels and servicing costs, which was reflected in our financial position that we consulted with the community on as part of the Enhanced Annual Plan,” he said.

Another international rating agency, Standard and Poors, had recently moved most of their New Zealand based Local Government clients to a negative outlook.

“It’s great to see that Fitch retain confidence in the strength of our local economy, our stability as an organisation, and the strength of our financial management practices,” Morris said.

“Maintaining the rating at this level means we save thousands of dollars in interest costs on our borrowings and that is good news for our ratepayers.”