NZX Announcement
14 October 2024
LGFA CREDIT RATINGS AFFIRMED BY FITCH RATINGS at AA+ (STABLE OUTLOOK).
On 14 October 2024, Fitch Ratings (“Fitch”) affirmed their long-term ratings on New Zealand Local Government Funding Agency (“LGFA”) at 'AA+' and affirmed the short-term ratings at 'F1+'.
All credit ratings have a stable outlook.
Fitch note that “The affirmation under our Government-Related Entities (GRE) Rating Criteria recognises the New Zealand government’s (AA+/Stable) significant responsibility and incentives to support LGFA’s debt servicing, given the agency’s key policy role in providing the majority of local government financing. LGFA’s ratings are equalised with New Zealand’s accordingly. The affirmation also reflects the strong underlying credit quality of LGFA's council shareholders and borrowers, the majority of which guarantee LGFA's debt obligations.”
A copy of the Fitch Report is available below
ENDS
Released on behalf of NZ Local Government Funding Agency Limited by Mark Butcher, Chief
Executive.
Telephone +64 4 974 6744
Email mark.butcher@lgfa.co.nz
Website lgfa.co.nz