Rotorua Lakes Council retains good credit rating
Rotorua Lakes Council has retained its AA- rating from international credit rating agency Fitch which considers the council has a “stable” outlook.
The council has retained this rating since 2016 when its finances were first tested by Fitch as another check to ensure effective financial management.
Mayor Tania Tapsell says the result of this independent review gives the community confidence in the direction and prudent financial management of Council.
The Fitch rating is based on a comprehensive look at Council as well as taking into consideration the local Rotorua economy and socio-economic factors.
“We’re operating in very challenging times and just like many in our community we have focused on stopping unnecessary spending and ensuring that prudent decisions are made,” Mayor Tapsell says.
“This is a great result and is evidence that Rotorua Lakes Council is holding the line and we are keeping our financial position strong so we can continue to invest in what’s important to our community.”
Council's Chief Financial Officer, General Manager Corporate Services Thomas Collé says it's a pleasing result.
“Fitch is one of the three big international rating firms and we are compared against a large base. This is a good rating and given the challenges we have continued to face during the past several years, it is particularly pleasing that we have maintained our rating,” he says.
See the Fitch Ratings release for Rotorua Lakes Councilon the Fitch website.