Skip to content.
24 May - 10:14 pm NZ
Updated at 5:59 am on 23 November 2012
Dunedin Mayor Dave Cull says a downgrade of the outlook on the city's large debt is a timely reminder it has to watch its spending.
Standard & Poor's said Dunedin City Council has good financial management, but relatively high debts and restricted ability to service debt.
It confirmed the council and its treasury arm at the rating level of AA/A-1+, but said there was a one-in-three chance of it being downgraded in the next two years.
Dunedin's total debt is about $620 million and If there is a downgrade, it may face higher interest costs on that debt.
But Mr Cull says the council is determined for that not to happen.
The ratings agency said the negative outlook was because the council might not achieve its financial targets and because of an investigation recently begun by the Auditor-General into property purchases by Delta, a council subsidiary.
Copyright © 2012, Radio New Zealand
Audio is categorised based on the frequency of the programme it was heard in. Click on the headings below to access the programmes. For the most recently published audio, go to the latest audio page.
Streams are in Windows Media format. Mac and Linux users may need to install additional software. Get help with audio
A selection of music interviews, reviews, videos, concerts, sessions, and performances.
Downloads and podcasts are available for selected programmes. Our podcast page has a complete list of feeds.
Help on using online audio: formats, software, podcasts, downloading, and troubleshooting.