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Aberdeen City Council first to receive credit rating
Aberdeen City Council has announced that it is the first local authority in Scotland to be assigned a credit rating.
The announcement comes as the council is preparing to invest in a series of major projects, including the Aberdeen Exhibition and Conference Centre and developments in school, housing and road construction.
The Council has been assigned an Aa2 rating by credit rating agency Moody.
The rating will allow the authority to consider ‘innovative’ new funding mechanisms, including access to debt capital markets.
According to Moody: "The council benefits from strong access to liquidity due to sovereign level access to capital markets for the LA (local authority) sector, facilitated by the Public Works Loan Board.
"The council has demonstrated a solid financial record for the last five years maintaining a net surplus against budget for each year."
It added: "The Aa2 rating also reflects our assessment of support from the UK government (Aa1 negative) and the very high likelihood that it would intervene in the event that ACC (Aberdeen City Council) were to face acute liquidity stress."
Jennifer Laing, Aberdeen City Council leader, said: "Being assigned a credit rating, a first for a Scottish local authority, is a vital step forward for us as we explore options to fund what is a comprehensive capital programme designed to support the city's growth and diversification during a crucial period for Aberdeen.
"We are committed to investing in a bright and prosperous future for the people of Aberdeen and the businesses in our city, with transformation already well under way.
"Today's announcement is another significant step towards realising our ambitions."
Willie Young, the council's finance, policy and resources committee convener, said: "This process and our achievement in gaining an Aa2 credit rating serves as a very positive independent assessment of Aberdeen City Council's stability and strength.
"It is a clear demonstration of confidence in the financial management and controls we have in place, which provide us with the solid foundations we need as we build for the future."
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