Horowhenua District Council will incur moderate deficits and rising debt levels as it rolls out a relatively large infrastructure program to address upgrades and past deferrals. Horowhenua's institutional settings and management support the ratings on the New Zealand local government. We do not expect any political issues or the upcoming election to affect the council's credit profile. We are affirming our 'A+' long-term and 'A-1' short-term issuer credit ratings on Horowhenua. The outlook on the long-term ratings is stable. On Aug. 26, 2019, S&P Global Ratings affirmed its 'A+' long-term foreign- and local-currency and 'A-1' short-term issuer credit ratings on Horowhenua District Council, a New Zealand local government. The outlook on the long-term ratings is stable. The stable outlook reflects
