What advice, documents, correspondence or briefings has the Minister or any member of his office had, if any, on whether Councils face potential credit rating downgrades due to the rates capping legislation and what did it indicate?

Answer

As I stated in response to WPQ 39157 officials had numerous conversations with credit rating agencies, the concerns of credit rating agencies has been considered in the design of the legislation. I received advice throughout the development of the rates capping work, briefings have been proactively released. Advice acknowledged the potential impact of a rates cap on council credit rating, and the importance that independent credit ratings and their assessments of councils financial performance have in driving council financial discipline.