AA credit rating a vote of confidence for Lower Hutt

International credit rating agency Standard & Poor’s has reaffirmed Hutt City Council’s AA credit rating which shows we are in great shape as a city.
An AA rating is same rating as the NZ government and means recipients have a “very strong capacity to meet their financial commitments”.
The rating underlines the council’s careful approach to managing ratepayers’ money and makes the council one of the most creditworthy in the country.
We are currently the only New Zealand council rated by Standard&Poor’s that consistently achieves after-capital account surpluses.
Hutt City’s financial management is a very positive factor in the ratings. The agency says council is supported by an experienced and qualified management team.
The agency has a very positive view of Hutt’s financial management practices and says the city’s budgetary performance is very strong and our operating position is expected to improve in the future.
My Chair of the Finance and audit Committee, Deputy Mayor David Bassett, shares the view that the rating is a vote of confidence in the Hutt City Council’s management of its finances and plans for the future.
The agency outlook is that we will continue to manage our financial position and hold our AA rating.