20 Feb 2012

Auckland Council rating downgrade warning removed

3:41 pm on 20 February 2012

A major credit ratings agency has confirmed the Auckland Council's AA credit rating, after suggesting late last year that it could be downgraded.

Standard and Poor's had warned there were negative implications for the council's rating, with concern about future debt levels.

Standard & Poor's analyst Anna Hughes says the new view reflects the council's strong financial management and factors such as the strength of Auckland's economy.

Mayor Len Brown has welcomed the confirmation of the AA rating.

The council's strategy and finance chairwoman, Penny Webster, says the rating is an endorsement of the council's fiscal responsibility.