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.”