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News

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Porirua City Council maintains AA rating

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Porirua City Council has again maintained its AA credit rating with Standard & Poor’s, and the outlook is stable.

“A supportive institutional framework, experienced management team, and strong economic profile underpin Porirua’s creditworthiness,” the report released this week said.

“Porirua’s management team navigated the Covid-19 pandemic, while the economy proved to be robust.”

Council Chief Executive Wendy Walker was pleased with the report, particularly in the post-pandemic environment.

“Last year Standard & Poor’s forecast a large financial and economic shock in 2021 for New Zealand because of Covid-19 but predicted that the Council, led by an experienced finance team, would weather the storm. It’s pleasing to see that that’s happened and that our economy has not been impacted as much as feared.”

The ratings and financial forecasts for Porirua were updated following the publication of the Council’s Long-term Plan 2021-51 (LTP).

The report noted that the LTP has significant investment in infrastructure, harbour health and addressing climate change as its main areas of focus.

“Porirua’s Long-term Plan extends beyond the standard 10 years and matches its infrastructure strategy timeline. The plan also focuses on preparing the city for growth and investing heavily in 3 Waters (drinking water, wastewater and stormwater) infrastructure.”

Mayor Anita Baker welcomed the Standard & Poor’s report, and thanked residents who provided feedback through the LTP process.

“We received constructive input from residents which helped us shape our budget and priorities, with a clear focus on essentials.”

The report said the outlook was stable.

“The stable outlook reflects our expectation that Porirua City Council will manage its financial outcomes in line with our forecasts. It also reflects our expectation that the council will maintain its high level of liquidity as it delivers its large capital program.”

3 Aug 2021