Tasman District Council's after capital account deficits are narrowing. This is driven by higher operating margins from increases in general rates, and moderating capital expenditure (capex) following the completion of the Waimea Community Dam project. The improvement is offset by higher borrowings for the project's construction, structurally weakening the council's liquidity coverage. We affirmed our 'AA-' long-term and 'A-1+' short-term issuer credit ratings on Tasman. The stable outlook on the long-term rating reflects our view that Tasman will rein in its after capital account deficits and stabilize its debt burden as its capex moderates. On Oct. 29, 2025, 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.
