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Porirua City maintains AA rating

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

"A supportive institutional framework, experienced management team, and strong economic profile underpin Porirua’s creditworthiness," the report released yesterday said.

The changes in the way people work since Covid-19 had helped strengthen the city’s economic profile.

"Porirua’s local economy has been a beneficiary of a broader shift toward hybrid working arrangements across New Zealand, as many Porirua residents ordinarily commute to Wellington’s central business district for work," the report said.

Council Chief Executive Wendy Walker was pleased with the report, as the city continued to face the ongoing impacts of the pandemic.

"Times have been tough and local businesses have shown great resilience," Ms Walker said. "At Council we have an experienced finance team and this has helped us face the challenges presented by Covid, as we’ve kept city services running despite staff shortages and supply chain issues."

The report noted that Council was moving ahead with the second year of its Long-term Plan 2021-51 (LTP), which focused heavily on infrastructure investment, maintaining harbour health, and addressing climate change.

It said Porirua had a younger demographic than other cities in the region, as houses were more affordable than in Wellington. The opening of Transmission Gully in March 2022 improved access and made Porirua an even more attractive location for young families looking to move out of Wellington City.

The report said Porirua’s financial outlook was stable.

"The stable outlook reflects our expectation that Porirua’s financial management outcomes are in line with our expectations. It also reflects our expectation that the council will maintain its high level of liquidity as it delivers its large capital program".

6 Jul 2022