The positive outlook reflects our view that Tasman District Council's (Tasman's) credit profile has structurally improved from previous years, supported by solid budgetary performance and a trend of declining debt. However, the rating remains constrained by uncertainty about how the proposed Waimea Community Dam will be financed, and the degree of direct financial contribution and broader financial exposure that the council will ultimately bear. We are affirming our 'AA-' long-term foreign-currency and local-currency ratings and 'A-1+' short-term ratings on Tasman. Tasman's institutional settings, as well as its relatively strong budgetary flexibility and performance, support its ratings. On Oct. 31, 2017, S&P Global Ratings affirmed its 'AA-' long-term foreign-currency and local-currency and 'A-1+' short-term issuer credit ratings on Tasman District Council,
