Moody’s gave the council a AAA rating, while Standard & Poors’ awarded it a AA+, with a stable outlook – a more positive rating than enjoyed by the United States Federal government.
The agencies said the ratings reflected the council’s track record of managing its finances as well as the Government’s willingness to remain a lender of last resort.
Mike Whitby, leader of the council, said the ratings would help the city to finance its existing services and attract infrastructure investment from overseas sovereign wealth funds.
“We may now not need to borrow from the Government as we have major banks potentially ready to loan to us at rates more competitive than the Government,” he said. “I don’t think we are looking to borrow a considerable amount of money in the near future but it gives us the option.”
Local authorities have sought credit ratings following the Treasury’s decision last autumn to charge more for loans from the Public Works Loan Board (PWLB).
Source: Birmingham given AAA credit rating - Telegraph
That should be enough to build HS3 line to allow all Londoners commute to Bham
The agencies said the ratings reflected the council’s track record of managing its finances as well as the Government’s willingness to remain a lender of last resort.
Mike Whitby, leader of the council, said the ratings would help the city to finance its existing services and attract infrastructure investment from overseas sovereign wealth funds.
“We may now not need to borrow from the Government as we have major banks potentially ready to loan to us at rates more competitive than the Government,” he said. “I don’t think we are looking to borrow a considerable amount of money in the near future but it gives us the option.”
Local authorities have sought credit ratings following the Treasury’s decision last autumn to charge more for loans from the Public Works Loan Board (PWLB).
Source: Birmingham given AAA credit rating - Telegraph
That should be enough to build HS3 line to allow all Londoners commute to Bham
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