14 Dec 2011

Watercare credit rating affirmed

6:59 am on 14 December 2011

Standard Poor's has affirmed Watercare's credit rating, after the company said it would raise more funds to provide more of a liquidity buffer.

The water and wastewater service is owned by Auckland Council. Its rating is AA with a negative watch.

Watercare will issue 50 million more notes to increase its October issuance of unsubordinated, unsecured debt to $125 million.