Dunedin City 'AA' credit rating under threat as S and P sees financial targets in doubt

Wed, 21 Nov 2012

By Paul McBeth Nov 22 (BusinessDesk) - Dunedin City Council, whose investment unit posted a $5.1 million loss in the 2012 financial year, has been put on notice of a rating downgrade over its finances, which may not bounce back as quickly as expected. Standard & Poor's affirmed Dunedin's AA credit rating and put it on a negative outlook, giving it a one-in-three chance of a downgrade over the next two years. The council forecasts small surpluses over the next three years as it slows down the pace of annual rate hikes, while at the same time...

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