Warrington Borough Council has been awarded an ‘Aa2’ credit rating, the second highest possible, reflecting their strong financial management record and giving them a better rating than China, and all banks who operate in the UK.
Moody’s, one of the world’s leading credit rating agencies, awarded the council an ‘Aa2’ rating after carrying out an in depth evaluation of their finances, governance, strategic plans, economic regeneration schemes and structures.
Moody’s found the council deserved the excellent credit rating for its sound financial management. They concluded Warrington has successfully managed costs over the past four years to achieve savings of over £62 million, and has a track record of increasing its own revenues, in spite of reduced government grants. The diversified local economy in was also highlighted by Moody’s as a factor in awarding the rating.
The council’s credit rating now equals that of the Bank of New York Mellon, United Arab Emirates, Bermuda and Kuwait.
Councillor Russ Bowden, executive member for corporate resources and assignments, said: “This excellent rating reflects our ambition for Warrington and the innovation that has taken place to grow a strong Warrington in times of austerity. Warrington is one of the lowest funded authorities and we know that the massive reductions we’ve made to our revenue budgets over recent years will need to continue as Government cuts continue.
“This rating by Moody’s is recognition for the efforts of the whole community to be as innovative as possible when it comes to financing priorities. We will continue our work to improve the local economy and make Warrington a great place to invest. The news today could help Warrington Borough Council save money in funding our ambitious capital programme relative to the Public Works Loan Board.”
Steve Park, Managing Director of Warrington & Co., Warrington’s partnership for growth said,
‘This is a fabulous endorsement of Warrington as a local authority and as a place to do business. Warrington is already the location of choice for investors, look at the recent multi million pound investment deals at Omega and Golden Square. I’m sure that this rating by Moody’s will buoy that confidence further’
Warrington is a high growth location and key investment centre. It was recently ranked 5th highest in terms of economic growth in the UK, and 3rd in terms of highest business growth, only bettered by Aberdeen and London. It is home to around 8,000 businesses that employ 121,000 people. Warrington is strategically located in the Northwest of England, half way between Liverpool and Manchester, with key national transport links