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International rating agency confirms NPDC’s credit rating at AA+, the highest possible rating

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PUBLISHED: 21 OCT 2022
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S&P Global credit rating agency expects NPDC to “continue to prudently manage” its budgets and debt as it invested more in infrastructure, according to the agency’s latest report.

NPDC’s exceptional financial position was supported by strong financial management and the district’s Perpetual Investment Fund (PIF), which hit a record $339 million in the last financial year and offset the total rates bill by about $10m.

 

“New Plymouth's PIF provides its exceptional liquidity,” said the report.

The rating of AA+ reflected the sound financial approach to fixing long-term infrastructure issues while managing debt for future residents, said NPDC Chief Financial Officer Joy Buckingham.

“This report, from a recognised global rating agency, shows we’re well placed to meet the challenges of the post-Covid world as we manage assets valued at $3.5 billion on an operating budget of about $185m. 

 

It allows us to be flexible in building a Sustainable Lifestyle Capital so that our district remains a great place where our kids will still want to live, work, and play,” said Ms Buckingham.

Read the full S&P Global report here. 

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Page last updated: 08:53pm Thu 20 October 2022

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