Borrowing Programme

CCHL is party to a $350 million debt programme comprising a $250 million medium term note facility and an unlimited commercial paper facility (within the total cap of $350 million).   It also has a $30 million fully drawn advance facility and a $20 million standby facility, the latter renewed annually.

Westpac Institutional Bank, ANZ National Bank of New Zealand and Bank of New Zealand are lead managers for the medium term note programme and dealers for the commercial paper programme.

Credit rating

Currently CCHL has a Standard & Poor's long term credit rating of AA+ and a short term credit rating of A-1+.  CCHL has $350 million of uncalled capital on issue to Christchurch City Council, and hence CCHL's credit rating is closely linked to that of the Council's.  The current rating report for CCHL, issued in December 2007, is below:

Standard & Poor's report - Dec 2007 Adobe Acrobat Document: 614 KB, 90 seconds @ 56kbps

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