LGFA Credit Ratings Affirmed by S&P Global Ratings AA+/AAA

NZX Announcement 09 September 2024 LGFA CREDIT RATINGS AFFIRMED BY S&P GLOBAL RATINGS at AA+/AAA (STABLE OUTLOOK) WITH IMPROVED STAND-ALONE CREDIT PROFILE. On 9 September 2024, S&P Global Ratings (“S&P”) affirmed their long-term ratings on New Zealand Local Government Funding Agency (“LGFA”) at 'AA+' foreign-currency and 'AAA' local-currency and affirmed the short-term ratings at 'A-1+'. All credit ratings have a stable outlook. S&P has also revised upwards the LGFA Stand Alone Credit Profile (“SACP”) from AA- to AA+ reflecting improved access to capital markets, dilution of borrower concentration and a growing capital base. S&P note that LGFA has a dominant market position as a source of financing for councils with strong risk management and an extremely high likelihood that extraordinary financial support from the New Zealand Government would be forthcoming in a stress scenario. A copy of the S&P Research Update is available on the LGFA website www.lgfa.co.nz ENDS Released on behalf of NZ Local Government Funding Agency Limited by Mark Butcher, Chief Executive. Telephone +64 4 974 6744 Email mark.butcher@lgfa.co.nz Website lgfa.co.nz