After a review of Auckland Council’s draft Long Term Plan financial projections, the credit rating agency Standard and Poor’s has affirmed the council’s long-term rating at AA stable.

Auckland Council is crediting the rating agency’s affirmation as a thumb’s up for the council’s financial strategy, which the council believes balances the impact of proposed investments to improve the region and its infrastructure - planned to be funded through debt.

Both the Mayor and the chair of the council's Strategy and Finance Committee have welcomed the news.

“Auckland Council has carefully balanced the need for keeping debt levels as low as possible while dealing with the investment required to cope with the growth being experienced as Auckland becomes a truly international city,” says Mayor Len Brown.      

Councillor Penny Webster says retaining the council’s credit rating is positive news amid a global environment of “uncertainty” with most organisations facing rating downgrades.

Auckland Council is undergoing its own review of funding arrangements and will undertake full public consultation on its draft Long-term Plan, including various the sources of funding for the wide range of projects within the plan.