Hutt City Mayor welcomes credit rating and positive outlook

Mayor David Ogden has welcomed Standard and Poor’s affirmation of Hutt City Council’s AA/A-1+ credit rating and its decision to revise the outlook for Council upwards from stable to positive.

The rating agency has cited low debt levels, solid cash operating balances, and limited ownership of trading organisations as reasons for its opinion.

Mayor Ogden says the rating is an expression of confidence in the financial strategy the Council has followed during the six years of his mayoralty.

He believes that the Council’s performance in this area is one of the best in Australasia and thanked the Councillors and staff for assisting in “this terrific effort.”

“We have worked hard on getting the balance right between keeping rates and debt levels down and continuing to invest in services, infrastructure and facilities.

“Standard and Poor’s warns any change to this strategy could have a negative effect on council’s credit rating and outlook.

“Rest assured that we will be working towards maintaining the strategy,” he said.