We have assigned our 'A+' long-term foreign-currency and local-currency ratings and 'A-1' short-term ratings on Horowhenua District Council. The ratings reflect our view of New Zealand's extremely predictable and supportive institutional framework for councils, the council's strong financial management, budgetary flexibility and liquidity, and very low contingent liabilities. Partially offsetting these strengths are Horowhenua's average economy, weak budgetary performance, and very high debt burden. The outlook on the ratings is stable. On May 5, 2015, Standard&Poor's Ratings Services assigned its 'A+' long-term and 'A-1' short-term issuer credit ratings on Horowhenua District Council (Horowhenua), a New Zealand local government. The outlook on the ratings is stable. The ratings on Horowhenua reflect the extremely predictable and supportive institutional framework within
