Local Government Funding Agency rating affirmed by S&P at AA+ on Crown backing

Tue, 10 Nov 2015

Nov. 10 (BusinessDesk) - The Local Government Funding Agency, which sells bonds on behalf of most of New Zealand's local authorities, had its AA+/A-1+ credit ratings affirmed by Standard & Poor's, which cited the likelihood of central government support, strong market position and "exceptional credit quality". The outlook is stable. The LGFA began issuing bonds to raise funds for local authorities in February 2012, having been established to reduce council borrowing costs by at least 30 basis points. It is the second-cheapest borrower after...

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