Strong credit rating from Moody’s, supporting $13.8b business plan

Today, Moody's announced that we have received a credit rating of Aa3 as we prepare to become financially independent from Auckland Council on 1 July. This rating reflects our strong operational track record and strategic importance to both Auckland and New Zealand.

Angela Neeson, chief financial officer, says that since the government and Auckland Council confirmed a pathway for financial independence in May last year, progress has been remarkable.

"Today marks a significant milestone in our journey to financial independence," says Neeson. "The speed at which we've progressed is thanks to the government and Auckland Council recognising the complexity of the process and swiftly establishing sound financial and performance settings.

"We’ve worked closely with the team at council, who have supported us through the financial separation and funding process and helped us to achieve a fantastic result for Auckland."

Reflecting the strong credit rating, we have secured the committed debt and liquidity support needed to achieve financial independence from Auckland Council. This funding was procured through a robust tender process, with debt providers showing strong support for Watercare.

Neeson notes that the tender resulted in a great outcome for Auckland: “We’ve secured terms with a supportive group of major banks that deliver cost-effective funding, enabling us to provide essential assets without compromising on service quality or affordability."

Late last month, we released our business plan, outlining an ambitious $13.8 billion investment over the next 10 years. This plan includes over 1,000 projects aimed at ensuring reliable water and wastewater services for Auckland as its population grows. This investment will help keep the environment healthy by reducing the frequency of wastewater overflows onto land and into waterways.