Aberdeen Council issues bonds worth £370m

Aberdeen City Council has become the first local authority in Scotland to raise funds through the capital markets after issuing stock market bonds worth £370 million.

The news comes after credit rating agency Moody's recently assigned Aberdeen an Aa2 rating in October.

The council has maintained that the money will go towards infrastructure schemes as part of its capital plan.

It has the backing of the Scottish government, which believes other councils could go down a similar route.

Jennifer Laing, leader of the council, commented: "This is a remarkable achievement by this council in securing this investment in the future of our city."