Whanganui District Council Ratings Raised To #AA# On Improving Outlook Stable

Stocks and Financial Services Press Releases Wednesday June 6, 2018 14:59
S&P Global Ratings--6 Jun--S&P Global Ratings
RATING ACTION

On June 6, 2018, S&P Global Ratings raised to 'AA' from 'AA-' its long-term local and foreign currency ratings on Whanganui District Council (Whanganui), a New Zealand local government. We also affirmed our 'A-1+' short-term rating on Whanganui. The outlook is stable.

OUTLOOK

The stable outlook reflects our view that Whanganui's management will continue to deliver its capital commitments, in line with our forecasts, resulting in an improvement in its financial position and reduction in debt burden.

Downside scenario

We could lower our ratings if the council's management deviates from its current financial strategy, resulting in large and persistent after-capital account deficits and debt growing substantially in the absence of concomitant revenue growth.

Upside scenario

Given that our ratings on Whanganui are equal to our long-term foreign currency rating on the New Zealand sovereign, any upward rating momentum would be linked to the New Zealand sovereign. We could raise our ratings on Whanganui if we were to raise our rating on the New Zealand sovereign and the council achieved consistent after-capital account surpluses that lowered its debt levels. This could signal stronger financial management.


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