A1 credit rating for Council
Warrington Borough Council has demonstrated its financial resilience with a credit rating of A1.
The report, from world-renowned ratings agency Moody’s, also changes the Council's outlook to stable from negative following a comprehensive evaluation of the authority's finances, governance and strategic planning.
The A1 rating reflects the Council’s track record of delivering a balanced budget despite ongoing financial pressures. It highlights the authority’s stable level of reserves and commitment to its commercial investment portfolio. The debt position of the Council is also lower, and is set to grow slower, than first predicted.
The rating further reflects the strong and mature institutional framework for UK local authorities, with clear processes in place to protect liquidity.
Councillor Russ Bowden, deputy leader of the Council, said: “We are very pleased to have been awarded a high rating despite the increasingly challenging budget pressures we are faced with.
“It is clear that the Council’s policy of investing in capital, to produce revenue returns to protect key front-line services for the most vulnerable, is starting to pay off.
“Moody’s has recognised the stable position of the Council and our continuing success in delivering a balanced budget through our enterprising approach.
“We recognise this is not without risks, but a consistent approach to due diligence for all of our commercial ventures is helping to give the Council more stability, while offsetting the swingeing cuts from central government.
“We will continue to work to improve the local economy for those who live, work, invest and do business here.”