Rating agency affirms regional council’s AA/A-1+ credit rating

  • Published Date 06 Dec 2016

Credit rating agency Standard and Poors/Rating Direct has affirmed Greater Wellington Regional Council's AA/A-1+ outlook stable credit rating, saying that any significant damage resulting from natural disaster such as earthquake has a small likelihood of affecting the council's credit profile.

The agency singled out the regional council's very strong financial management and economy, strong liquidity and low contingent liabilities as key reasons for affirming its rating. It adds that the regional council's outlook remains stable, reflecting its ability to deliver its major capital projects - such as investment in infrastructure and public transport - while maintaining the council's strong liquidity. 

Contingent liabilities were also described as low and fully consolidated into the regional council's accounts.

While the region is exposed to earthquake risk, the agency considered that any significant damage arising from a natural disaster such as an earthquake had a small likelihood of affecting the regional council's credit profile. 

It stated that “the recent earthquake on 14 November 2016 affected the main council building and a few CentrePort owned buildings, however we expect the impact to the council's balance sheet to be minimal given the comprehensive insurance policies in place.” 

In a related rating WRC Holdings Limited, which is wholly-owned by the regional council, retained its AA/A-1+ outlook stable rating. In its report the agency stated that “there is an almost certain likelihood that extraordinary support would be forthcoming from its sole owner Greater Wellington in a distress scenario.

Greater Wellington Regional Council chair Chris Laidlaw welcomed the report, describing it as a vote of confidence for the regional council's strong financial management. 

"Our mandate is to deliver critical public transport, infrastructure and environmental services to the region at fair value and without financial risk. It is comforting that, especially in difficult times such as these, independent research shows that the community can have full confidence in our financial management. 

"It is also pleasing to note that the rating agency describes the outlook as stable. We wholly agree. Despite recent knock backs arising from the earthquake we have strong revenue and a balance sheet which will only be minimally affected. 

"CentrePort also has solid insurance cover that will play a key role in the redevelopment of the port. 

"Overall, the Standard and Poors/Rating Direct report shows that Greater Wellington Regional Council is in good financial heart and that its’ strong position complements the positive Wellington regional economy," says Cllr Laidlaw.

 

 

 

New Committee Chairs confirm commitment to region

 

It was business as usual at the first meeting post the earthquake of the newly elected Greater Wellington Regional Council, except that it took place in another council’s chamber.

 

At today’s meeting, held today in the Hutt City chamber, Chair Chris Laidlaw welcomed the support councillors and staff have shown to the region following the 14November earthquake and subsequent challenges the region has faced.

 

“The council has worked hard and successfully to maintain service delivery to the community under exceptionally difficult circumstances. Now it faces some big challenges ahead especially around the job of building more resilience into the region’s basic infrastructure, ensuring the port becomes fully functional and our staff can return to their offices, as we start this new triennium.”

 

For the 2016-2019 triennium, council today agreed to change its previous structure and appoint two ‘committees of the whole’ which will consider matters related to the environment and sustainable transport.

 

The Environment Committee and Sustainable Transport Committees enable all councillors to participate and vote on issues.

 

“These are the committees where most of Greater Wellington’s big decisions are made” said Mr Laidlaw, “and it’s important that everybody is around the table and involved in decision-making”.

 

A number of additional committees will oversee work in more technical areas such as finance, audit and risk, and regional plan development.

 

Mr Laidlaw also noted that he wanted leadership roles to be spread more widely around the council. “I am a strong believer in collective leadership. It is healthier and more satisfying and we are blessed with an exceptional array of leadership skills this triennium.”

 

In addition, the council is required to chair a Regional Transport Committee and be part of a Civil Defence Emergency Management Group, which is a joint regional committee.

 

Council has also traditionally established a number of advisory groups which tap into community expertise to provide advice and recommendations to the council on matters such as land management and flood control.

 

The previous council resolved that the Ruam?hanga Whaitua Committee, Te Awarua-o-Porirua Whaitua Committee and the Wairarapa Water Use Project Governance Group would remain until their respective purposes and functions have been completed.

 

ENDS

For more information: GWRC media phone on 021 914 266

See our website for the full list of committee members (PDF 87 KB) and reports for this meeting.

 

 

Greater Wellington Regional Council

Committee structure - Chairs and Deputy Chairs:

 

Environment Committee (Committee of the whole)

Cr Kedgley (Chair)

Cr Brash (Deputy Chair)

 

Sustainable Transport Committee (Committee of the whole)

Cr Donaldson (Chair)

Cr Ponter (Deputy Chair)

 

Te Upoko Taiao – Natural Resource Management Committee

Cr Ponter (Co-Chair)

 

Finance, Risk and Assurance Committee

Cr Swain (Chair)

 

Regional Transport Committee

Cr Donaldson (Chair)

Cr Laidlaw (Deputy Chair)

 

Wellington Regional Strategy Committee

Cr Blakeley

Cr Laidlaw (alternate)

 

Chief Executive Employment Review Committee

Cr McKinnon (Chair)

 

Subcommittees:

 

Hutt Valley Flood Management Subcommittee

Cr Lamason (Chair)

Cr Laban (Deputy Chair)

 

Te K?uru Upper Ruamahanga Floodplain Management Subcommittee

Cr Donaldson

Cr Staples

 

Joint Committees:

 

Civil Defence Emergency Management Group

Cr Laidlaw

 

Porirua Harbour and Catchment Joint Committee

Cr Donaldson

 

Wellington Water Committee

Cr Brash

Cr Ogden (alternate)

New Committee Chairs confirm commitment to region

 

It was business as usual at the first meeting post the earthquake of the newly elected Greater Wellington Regional Council, except that it took place in another council’s chamber.

 

At today’s meeting, held today in the Hutt City chamber, Chair Chris Laidlaw welcomed the support councillors and staff have shown to the region following the 14November earthquake and subsequent challenges the region has faced.

 

“The council has worked hard and successfully to maintain service delivery to the community under exceptionally difficult circumstances. Now it faces some big challenges ahead especially around the job of building more resilience into the region’s basic infrastructure, ensuring the port becomes fully functional and our staff can return to their offices, as we start this new triennium.”

 

For the 2016-2019 triennium, council today agreed to change its previous structure and appoint two ‘committees of the whole’ which will consider matters related to the environment and sustainable transport.

 

The Environment Committee and Sustainable Transport Committees enable all councillors to participate and vote on issues.

 

“These are the committees where most of Greater Wellington’s big decisions are made” said Mr Laidlaw, “and it’s important that everybody is around the table and involved in decision-making”.

 

A number of additional committees will oversee work in more technical areas such as finance, audit and risk, and regional plan development.

 

Mr Laidlaw also noted that he wanted leadership roles to be spread more widely around the council. “I am a strong believer in collective leadership. It is healthier and more satisfying and we are blessed with an exceptional array of leadership skills this triennium.”

 

In addition, the council is required to chair a Regional Transport Committee and be part of a Civil Defence Emergency Management Group, which is a joint regional committee.

 

Council has also traditionally established a number of advisory groups which tap into community expertise to provide advice and recommendations to the council on matters such as land management and flood control.

 

The previous council resolved that the Ruam?hanga Whaitua Committee, Te Awarua-o-Porirua Whaitua Committee and the Wairarapa Water Use Project Governance Group would remain until their respective purposes and functions have been completed.

 

ENDS

For more information: GWRC media phone on 021 914 266

See our website for the full list of committee members (PDF 87 KB) and reports for this meeting.

 

 

Greater Wellington Regional Council

Committee structure - Chairs and Deputy Chairs:

 

Environment Committee (Committee of the whole)

Cr Kedgley (Chair)

Cr Brash (Deputy Chair)

 

Sustainable Transport Committee (Committee of the whole)

Cr Donaldson (Chair)

Cr Ponter (Deputy Chair)

 

Te Upoko Taiao – Natural Resource Management Committee

Cr Ponter (Co-Chair)

 

Finance, Risk and Assurance Committee

Cr Swain (Chair)

 

Regional Transport Committee

Cr Donaldson (Chair)

Cr Laidlaw (Deputy Chair)

 

Wellington Regional Strategy Committee

Cr Blakeley

Cr Laidlaw (alternate)

 

Chief Executive Employment Review Committee

Cr McKinnon (Chair)

 

Subcommittees:

 

Hutt Valley Flood Management Subcommittee

Cr Lamason (Chair)

Cr Laban (Deputy Chair)

 

Te K?uru Upper Ruamahanga Floodplain Management Subcommittee

Cr Donaldson

Cr Staples

 

Joint Committees:

 

Civil Defence Emergency Management Group

Cr Laidlaw

 

Porirua Harbour and Catchment Joint Committee

Cr Donaldson

 

Wellington Water Committee

Cr Brash

Cr Ogden (alternate)

New Committee Chairs confirm commitment to region

 

It was business as usual at the first meeting post the earthquake of the newly elected Greater Wellington Regional Council, except that it took place in another council’s chamber.

 

At today’s meeting, held today in the Hutt City chamber, Chair Chris Laidlaw welcomed the support councillors and staff have shown to the region following the 14November earthquake and subsequent challenges the region has faced.

 

“The council has worked hard and successfully to maintain service delivery to the community under exceptionally difficult circumstances. Now it faces some big challenges ahead especially around the job of building more resilience into the region’s basic infrastructure, ensuring the port becomes fully functional and our staff can return to their offices, as we start this new triennium.”

 

For the 2016-2019 triennium, council today agreed to change its previous structure and appoint two ‘committees of the whole’ which will consider matters related to the environment and sustainable transport.

 

The Environment Committee and Sustainable Transport Committees enable all councillors to participate and vote on issues.

 

“These are the committees where most of Greater Wellington’s big decisions are made” said Mr Laidlaw, “and it’s important that everybody is around the table and involved in decision-making”.

 

A number of additional committees will oversee work in more technical areas such as finance, audit and risk, and regional plan development.

 

Mr Laidlaw also noted that he wanted leadership roles to be spread more widely around the council. “I am a strong believer in collective leadership. It is healthier and more satisfying and we are blessed with an exceptional array of leadership skills this triennium.”

 

In addition, the council is required to chair a Regional Transport Committee and be part of a Civil Defence Emergency Management Group, which is a joint regional committee.

 

Council has also traditionally established a number of advisory groups which tap into community expertise to provide advice and recommendations to the council on matters such as land management and flood control.

 

The previous council resolved that the Ruam?hanga Whaitua Committee, Te Awarua-o-Porirua Whaitua Committee and the Wairarapa Water Use Project Governance Group would remain until their respective purposes and functions have been completed.

 

ENDS

For more information: GWRC media phone on 021 914 266

See our website for the full list of committee members (PDF 87 KB) and reports for this meeting.

 

 

Greater Wellington Regional Council

Committee structure - Chairs and Deputy Chairs:

 

Environment Committee (Committee of the whole)

Cr Kedgley (Chair)

Cr Brash (Deputy Chair)

 

Sustainable Transport Committee (Committee of the whole)

Cr Donaldson (Chair)

Cr Ponter (Deputy Chair)

 

Te Upoko Taiao – Natural Resource Management Committee

Cr Ponter (Co-Chair)

 

Finance, Risk and Assurance Committee

Cr Swain (Chair)

 

Regional Transport Committee

Cr Donaldson (Chair)

Cr Laidlaw (Deputy Chair)

 

Wellington Regional Strategy Committee

Cr Blakeley

Cr Laidlaw (alternate)

 

Chief Executive Employment Review Committee

Cr McKinnon (Chair)

 

Subcommittees:

 

Hutt Valley Flood Management Subcommittee

Cr Lamason (Chair)

Cr Laban (Deputy Chair)

 

Te K?uru Upper Ruamahanga Floodplain Management Subcommittee

Cr Donaldson

Cr Staples

 

Joint Committees:

 

Civil Defence Emergency Management Group

Cr Laidlaw

 

Porirua Harbour and Catchment Joint Committee

Cr Donaldson

 

Wellington Water Committee

Cr Brash

Cr Ogden (alternate) 

Updated November 22, 2021 at 12:34 PM

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