The announcement followed a visit to CCC by Standard and Poors officers in August. Christchurch City Council was rated AA by S&P from 1994 to 2000. IN 2001 it was lifted to AA+, the agency’s second-highest ranking. The rating — for the CCC operation and for its holding company, Christchurch City Holdings Ltd — has been earned by only three New Zealand local authorities.

“I’m very pleased that once again S&P have put the council’s finances under scrutiny and given us a positive report,” says CCC finance director Bob Lineham. “It confirms that the council’s finances and its projections are on a sound basis and that they believe we’re capable of sustaining the AA+ rating into the future.

“The rating takes into account the council’s subsidiary companies because they form such a large part of the over-all group finances.”

A high credit rating from S&P means the council can borrow money at lower interest rates. “This council has no current need to borrow, but in a year or two the capital programme will require borrowing and we’ll be able to do that very competitively because of this high rating,” Mr Lineham says.