01 November 2021
LGFA credit ratings affirmed by Fitch Ratings at AA/AA+ with Outlook Positive/Stable
Fitch Ratings has affirmed the credit ratings of New Zealand Local Government Funding Agency at ‘AA’/ ‘AA+’ with a positive outlook (foreign currency) and stable outlook (domestic currency).
Fitch has categorised LGFA as a government-related entity (GRE) under the Government-Related Entities Rating Criteria. This reflects their appraisal of LGFA's 'Very Strong' status regarding ownership and control, 'Strong' level of support, 'Strong' socio-political and 'Very Strong' financial implications of a potential default. Consequently Fitch has equalised LGFA's ratings with those of the New Zealand sovereign (AA/AA+/Stable/F1+), which is a shareholder, liquidity provider and derivative counterparty to the company.
Please see the following link for further information:
Released on behalf of NZ Local Government Funding Agency Limited by Mark Butcher, Chief Executive.
Telephone +64 4 974 6744