Greater Wellington Regional Council 'AA+/A-1+' Ratings Affirmed; Outlook Stable

Overview

• We expect Greater Wellington Regional Council to incur large cash flow deficits from 2022 as it increases capital expenditure, particularly at CentrePort, and spends previously received insurance receipts. This will result in higher debt levels, albeit within our expectations at the current rating level.
• Our ratings are supported by New Zealand's institutional settings, as well as Greater Wellington's financial management, wealthy economy, and exceptional liquidity coverage.
• We affirmed our 'AA+' long-term and 'A-1+' short-term issuer credit ratings on Greater Wellington. We maintained our stable outlook on the long-term rating.