PHOTO: ODT FILESThe debt of Dunedin City Council and its companies is expected to pass $1 billion in 2023 while Aurora Energy makes a major investment in its ageing network. Dunedin City Holdings Ltd chairman Keith Cooper said the combined group debt was $793 million at the end of June this year and was forecast to hit $1.017 billion by June 2023. The modelling showed the group debt would likely remain over $1 billion for two to three years before easing off, Mr Cooper said. In a statement to the Otago Daily Times before the meeting, Mr Cooper said group debt comprised $243.5 million of council core debt and $549.5 million of company debt. This was confirmed by Standard & Poor’s credit ratings of AA and A-1plus ratings of Dunedin City Council and Dunedin City Treasury Ltd in its most recent review last December.

Source: Otago Daily Times July 29, 2020 19:08 UTC