International rating agency Standard and Poor's has revised Taupō District Council's credit rating to AA positive.
The agency revised the rating outlook of New Zealand up from AA+ stable to positive on January 31, which in turn lifted the council's AA rating from stable to positive. Six other councils also had their ratings upgraded.
The revised report stated the council's stand-alone credit profile was currently higher than New Zealand's. "The ratings on the council are constrained by the long-term foreign-currency rating on New Zealand," the report said. "We could raise the ratings on Taupō within the next two years should the same occur in New Zealand."
The council's financial management, budgetary performance and liquidity were noted by the agency when it released its ratings in June last year. Standard and Poor's carries out annual assessments of most councils in New Zealand.
February 4, 2019.
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