7 Dec 2013

Christchurch council credit rating reaffirmed

9:09 am on 7 December 2013

International credit rating agency Standard and Poor's has reaffirmed Christchurch City Council's A+ financial rating.

However the agency says the council remains on a negative outlook because of uncertainties over the final cost of the city's rebuild after the earthquakes.

Council's Finance Committee chairman Raf Manji says it is happy with the rating decision but the council faces financial challenges as the rebuild proceeds.

He says he's confident it will reduce its current operating deficit to budgeted levels through careful financial management and efficiencies.

The council is awaiting an update before Christmas on its financial position from accounting firm KordaMentha.