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City’s rating boosted by Standard & Poor’sStandard & Poor's Ratings Services have affirmed Latrobe City’s 'AA' long-term and 'A-1+' short-term ratings and revised the City’s outlook on the long-term rating from stable to positive. By City of Latrobe - 6th April 2005 - Back to News "The positive outlook reflects Standard & Poor's opinion that, in two or three years time, based on current fiscal projections, Latrobe's credit quality will be consistent with the higher 'AA+' rating," said Standard & Poor's credit analyst, Rick Impala, associate, Sovereign & International Public Finance Ratings.
Latrobe City’s Chief Executive Officer, Paul Buckley, said he was delighted with the boost to the City’s credit rating.
"The revision from stable to positive for Latrobe City’s long-term rating, clearly demonstrates that our fiscal strategy is on-track and that Council is managing the municipality’s budgets responsibly," Mr Buckley said.
"The fact that our books are open to the intensive scrutiny of ratings through Standard & Poor’s, also illustrates the City’s respect for best practice governance that reflects openness and accountability," he said.
Mr Impala said that during fiscal 2004, Latrobe City’s gross debt rose slightly to repay unfunded superannuation liability and new capital works, but net debt decreased because of an increase in unrestricted cash assets.
"The use of borrowings and cash holdings to fund capital expenditure plans in fiscal 2005 is expected to result in net debt increasing to a very manageable 8% of operating revenue, before steadily decreasing and reaching close to zero net debt by fiscal 2007.
"The likely prospect of continuing strong fiscal outcomes, a declining debt burden, lower capital expenditure requirements and a resurgent local economy underpins the positive outlook," Mr Impala said.
"Furthermore, Standard & Poor's believes that Latrobe will continue to make good progress in addressing the infrastructure gap to levels identified in its current planning documents," Mr Impala added.
Source: www.gippsland.com Published by: news@gippsland.com
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