We expect Tasman District Council's financial position to structurally improve after the completion of the Waimea Community Dam. Tasman's budgetary performance and contingent liabilities during the next few years will be weaker while the dam is being constructed, but we expect this to be temporary. In September 2018, Tasman announced new funding arrangements for the Waimea Community Dam, after it revised up the total project costs. We expect contracts to be executed after a final vote of councilors due to take place around the end of November 2018. We are raising our long-term issuer credit rating on Tasman to 'AA' from 'AA-' and affirming our 'A-1+' short-term issuer credit rating. The outlook on the long-term rating is stable. On Oct.
