ข่าวประชาสัมพันธ์การเงิน/หลักทรัพย์

Western Bay Of Plenty District Council ‘AA/A-1+’ Ratings Affirmed; Outlook Stable

          RATING ACTION 
          On Sept. 14, 2018, S&P Global Ratings affirmed its 'AA' long-term and 'A-1+' short-term issuer credit ratings on Western Bay of Plenty District Council, a New Zealand local government. The outlook on the long-term ratings remains stable. 

          OUTLOOK 
          The stable outlook reflects our expectation that Western Bay will continue to prudently manage its budget and debt while it delivers a larger capital expenditure program.
          Downward pressure on the ratings could emerge if the council's after-capital deficits were significantly larger or more prolonged than we currently forecast, resulting in a sharp rise in debt. This could happen, for instance, if capital expenditure were to turn out higher than we expected without offsetting growth in revenue. 
          Any upward pressure on the ratings on Western Bay would be capped by our long-term foreign-currency rating on the New Zealand sovereign. We could raise our ratings on Western Bay if we raised our rating on the New Zealand sovereign, and if Western Bay's debt burden substantially decreased, which could also improve our view of the council's financial management.