Christchurch City credit rating cut over consenting debacle

Mon, 08 Jul 2013

July 8 (BusinessDesk) - Christchurch City Council had its credit rating cut one notch and is still on a negative outlook after losing its accreditation to issue building consents. Global rating agency Standard & Poor’s cut the long and short-term ratings to A+/A-1 from AA-/A-1+ after lowering its assessment of the city’s political and management strength, it said in a statement. The downgrade comes after International Accreditation New Zealand stripped the local authority of its consenting ability from today and after a Crown manager was app...

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