This report supplements our research update "New Zealand's Horowhenua District Council Assigned 'A+/A-1' Ratings With Stable Outlook," published on May 5, 2015. To provide the most current information, we may cite more recent data than that stated in the previous publication. These differences have been determined not to be sufficiently significant to affect the rating and our main conclusions. The ratings on Horowhenua District Council reflect the extremely predictable and supportive institutional framework within New Zealand for local and regional councils, plus our view of the council's strong financial management, budgetary flexibility and liquidity, and its very low contingent liabilities. In our view, offsetting these strengths is the council's weak budgetary performance, reflecting large after-capital expenditure deficits that have contributed
