Auckland's new super council has been issued with a long-term credit rating of AA from Standard and Poor's.The ratings company said the stable outlook reflected the council's strong institutional framework, which promotes a high level of transparency, dis
Auckland’s new super council has been issued with a long-term credit rating of AA from Standard and Poor’s.
The ratings company said the stable outlook reflected the council’s strong institutional framework, which promotes a high level of transparency, disclosure and budget planning.
The report also noted the strength and diversity of the Auckland economy, which in 2009 was $US28,000 compared with a national average of $US22,000.
Unemployment rates in Auckland had also been weaker than the national average.
Auckland mayor Len Brown said the rating put the new council on a strong financial footing.
Chief executive Doug McKay said the outlook was positive and useful for potential investors.
“This is the first opportunity investors have had an independent opinion on the financial position of the new Auckland Council, and it confirms our very sound financial position.”
