Tasman District Council's capital expenditure program, which includes its participation in the large Waimea Community Dam joint venture, will lead to moderate after-capital-account deficits and a gradually rising debt burden during the next few years. The council's solid financial management, strong liquidity, and New Zealand's excellent institutional settings continue to support its ratings. We affirmed our 'AA/A-1+' issuer credit ratings on Tasman. The negative outlook reflects downside risks arising from Tasman's exposure to the dam project. On Oct. 29, 2021, S&P Global Ratings affirmed its 'AA' long-term and 'A-1+' short-term issuer credit ratings on Tasman District Council, a New Zealand local government. The outlook on the long-term rating is negative. The negative outlook reflects risks arising from Tasman's exposure to
