CREDIT RAT­ING

Kapiti News - - News -

Fi­nan­cial rat­ing agency Stan­dard and Poor’s has re­vised coun­cil’s credit rat­ing up from sta­ble to pos­i­tive. The re­port con­firms coun­cil’s A+ rat­ing and says the lo­cal body’s bud­getary per­for­mance con­tin­ues to im­prove. It ac­knowl­edges the im­pact of strong fi­nan­cial man­age­ment poli­cies in­clud­ing con­tin­u­ing ef­fects of hav­ing a pre­fund­ing strat­egy in place.

Coun­cil’s op­er­a­tions and fi­nance com­mit­tee chair­man Michael Scott said the up­graded rat­ing is ex­tremely pleas­ing but not sur­pris­ing, given coun­cil’s been work­ing ex­tremely hard to im­prove its fi­nan­cial ap­proach with an in­creas­ing fo­cus on spend­ing less to pay back more. “Those ef­forts have cer­tainly been recog­nised in this new rat­ing of our bud­getary per­for­mance. It’s a fi­nan­cial ap­proach that’s get­ting debt man­age­ment un­der con­trol and putting coun­cil and its ser­vices to ratepay­ers in a much stronger po­si­tion both now and for the fu­ture. “Our pro­gramme of re­duced cap­i­tal ex­pen­di­ture is en­abling us to start re­duc­ing our debt ear­lier than pre­vi­ously fore­cast. “The re­port says coun­cil’s poli­cies, such as its pre­fund­ing strat­egy, are sup­port­ing bet­ter man­age­ment of debt ser­vic­ing than in the past.”

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