The ratings on Horowhenua District Council reflect the extremely predictable and supportive institutional framework available to local and regional councils within New Zealand, combined with the council's strong financial management, strong budgetary flexibility and liquidity, and very low contingent liabilities. Partially offsetting these strengths are Horowhenua's very high debt burden, weak budgetary performance, and average economy. We have affirmed our 'A+' long-term foreign-currency and local-currency ratings and 'A-1' short-term ratings on Horowhenua. The outlook on the rating remains stable. On May 5, 2016, S&P Global Ratings affirmed its 'A+' long-term foreign currency and local currency and 'A-1' short-term issuer credit ratings on Horowhenua District Council, a New Zealand local government. The outlook on the rating remains stable. The ratings affirmation
