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NPDC maintains AA+ credit rating in challenging economic climate

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International credit rating agency S&P Global recognises NPDC’s ability to prudently manage its budgets and debt despite increased capital costs and a challenging economic climate, to again give it AA+ credit rating.

In a report released this week, the rating agency highlighted the Council’s ‘relatively high’ Perpetual Investment Fund (PIF) to sustain a very high level of liquidity, which counterbalanced the increased capital spending in the pipeline.

The rating is the highest assigned by the agency and recognises NPDC’s exceptional financial position, supported by strong financial management and the district’s Perpetual Investment Fund (PIF), which hit a record $342 million in February this year and offsetting the total rates bill by about $10m.

It is the third consecutive year the Council has received at AA+ rating, which NPDC Chief Financial Officer Joy Buckingham says reflects the organisation’s strong financial management and confidence in the future.

“It’s no secret that we, like many organisations, are facing big challenges caused by the global economic crisis, but this report from a recognised global rating agency shows we’re well placed to meet those challenges and manage assets valued at $3.9 billion on an operating budget of about $192m.

“It allows us to continue to build 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 on our website.