LGFA raises council debt caps to 3x revenue

Wed, 01 Jul 2020

The New Zealand Local Government Funding Agency has hiked the debt ceiling for local council borrowers to 300 percent of revenue until 2022, freeing up capital for councils to manage out of the covid-19 crisis. The council controlled organisation, which provides debt funding to NZ local authorities and council-controlled organisations, yesterday approved changes to its financial covenants allowing 30 councils with a credit rating of 'A' or higher to take on more debt, limited to no more than 300 percent across the June 2021 and 2022 financia...

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