Upper Hutt Council Debt and Credit Rating.
- NZ Empowered
- Oct 30, 2024
- 2 min read
29th October 2024 - Upper Hutt Council Credit Rating DOWNGRADED.
They want us to pay higher rates to borrow more but now it will cost more...
We have been trying to get this Council accountable for ages....as have done many others.....time we as a Community, weather Rates payers or not, need to put the pressure on this Council and our Mayor who has been in charge of the books and our City for over 25 years.
H20 is just another mirror of the smoke and mirrors and hiding behind words...
There was talk at the LTP they wanted to keep within their debt limit of 280% of revenue, but now with rates rises and revenue has increased, so guess what their debt limit has also increased and now can borrow more.
In the attached chart you will see as our Rates go up over the years the ability for the council to secure more debt goes up. (280% or revenue is our understanding) Remembering that whatever Debt we have as a city is charged at a higher interest rate when the Standards & Poors credit rating goes down. (We as a city pay more for our debt. with a lower credit rating)
People have questioned the spending our council is doing, H2O, Astroturf, Roundabouts, Silverstream flood works, Bridge works (Silverstream and Totara Park) etc.
Time to smell what has been and is happening this is not just an over night situation.
We are working on finding the numbers and links evidence etc and again will throw the link out when finished for people to come to their own conclusions.
On googling councils and their credit ratings this is the outcomes :
Wellington Councils Standards & Poors Credit Ratings
Hutt City Council AA to AA- - 28 Aug 2024
Porirua Council AA to AA- - 21 Jul 2024
Upper Hutt Council A+ to A - 29 Oct 2024
Wellington Council AA+ to AA - 6 Sep 2024
Overall LocalGovernment NZ put out this Investors Update in 2024
Local Governmant NZ (LGNZ) - Credit Ratings
Here is the Local Government NZ Investor Update with the summary of credit ratings for Councils etc.. (Before the downgrade)
How embarrasing to be one of the councils who are downgraded to the lowest peg on the rung..
