Horowhenua's debt and liquidity policies reduces future refinancing risk and ensure its liquidity coverage will be structurally stronger than in the past. Its financial position remained stable despite the COVID-19 pandemic, aided by New Zealand's strong handling of the pandemic and receipt of relatively large capital grants. We raised our long-term issuer credit rating on the council to 'AA-' from 'A+' and short-term rating to 'A-1+' from 'A-1'. The outlook is stable. On June 29, 2022, S&P Global Ratings raised its long-term local and foreign currency issuer credit rating on Horowhenua District Council (Horowhenua) to 'AA-' from 'A+'. At the same time, we raised our short-term rating to 'A-1+' from 'A-1'. The outlook on the long-term ratings is stable. The
