Horowhenua's liquidity management might be improving, which could drive its debt-service coverage ratio sustainably higher and reduce future refinancing risk. Its financial position has remained stable despite COVID-19, aided by New Zealand's strong handling of the pandemic and receipt of relatively large capital grants from the Crown. The council continues to develop new infrastructure while addressing renewals, which is increasing debt. We are revising our outlook on Horowhenua's long-term ratings to positive from stable. At the same time, we are affirming our 'A+/A-1' issuer credit ratings on Horowhenua. On July 5, 2021, S&P Global Ratings revised the outlook on its longer-term ratings on Horowhenua District Council, a New Zealand local government, to positive from stable. At the same time, we
