Horowhenua District Council (Horowhenua)'s institutional settings, broadly supportive district economy, and management continue to support its ratings. We believe Horowhenua's capital spending will remain high, leading to after-capital deficits, but a sustainable debt burden, while liquidity coverage is falling. We have affirmed our 'A+' long-term foreign-currency and local-currency ratings and 'A-1' short-term ratings on Horowhenua. The stable outlook reflects our expectations that Horowhenua's financial management will remain strong and supportive of sound financial outcomes, while after-capital-account deficits will remain sizeable as the council addresses its significant infrastructure backlog. On May 17, 2017, 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
