General Announcement::Moody's reaffirms Auckland Council's Aa2 rating

Issuer & Securities

Issuer/ Manager
AUCKLAND COUNCIL
Securities
AUCKLAND COU NOK1.4B 4%N280909 - XS0964196603 - 2ZFB
AUCKLANDCOEU185M 2.125%N340324 - XS1045821847 - 3E4B
AUCKLANDCOUN EU500M1%N270119 - XS1520344745 - 67KB
AUCKLANDC NOK1B 2.0775%N311128 - XS1514161956 - 61YB
Stapled Security
No

Announcement Details

Announcement Title
General Announcement
Date &Time of Broadcast
02-Apr-2019 10:18:57
Status
New
Announcement Sub Title
Moody's reaffirms Auckland Council's Aa2 rating
Announcement Reference
SG190402OTHR5WXP
Submitted By (Co./ Ind. Name)
Andrew John
Designation
Funding Manager
Effective Date and Time of the event
02/04/2019 17:00:00
Description (Please provide a detailed description of the event in the box below)
Media release

2 April, 2019

Moody s reaffirms Auckland Council s Aa2 credit rating

Moody's Investors Service has reaffirmed Auckland Council s Aa2 credit rating on a stable outlook.

Auckland Council s Group Chief Financial Officer Matthew Walker says that the rating reaffirms that the council is prudently managing its borrowings as it embarks on an ambitious infrastructure programme to cater for unprecedented population growth.

I am pleased that our financial management has again been recognised by Moody s. Auckland Council continues to uphold one of the highest credit ratings in the country, after the government.

Moody s noted that the stable outlook reflects the council's healthy gross operating balance and robust local economy and the Crown's well-established institutional framework for local governments.

Moody's also noted the council s strong operating cash flow, which enables a significant proportion of capital spending to be funded from surplus operating cash flow.

ENDS

For further information please contact:

Brendan Manning, Senior Media Specialist, brendan.manning@aucklandcouncil.govt.nz +64 21 806 370

Attachments

Auckland Council _ Press Release _ Ratings Affirmed April 2019.pdf
Total size =105K