Warrington Borough Council Statement re credit rating

RNS Number : 5472S

Warrington Borough Council

17 June 2024

 

RNS Number : 5472S

Warrington Borough Council

17 June 2024

Warrington Borough Council

Withdrawal of Rating

£150,000,000 0.846 per cent. Indexed Bonds due 2055 (the Bonds) of Warrington Borough Council

Moody's Investors Service Limited has, on 14 June 2024, announced its withdrawal of its credit rating of Warrington Borough Council (the Council) as a result of the inability of the Council to procure that its statements of accounts are audited by external auditors for historical financial years.  This inability is due to challenges which apply across the local government sector as a whole in securing auditors of sufficient capacity and capability.

In accordance with Clause 13.1(t) of the Bond Trust Deed (as defined below), the Council has initiated steps to seek an alternative rating from a Rating Agency that is established in the European Union and registered under Regulation (EC) No. 1060/2009 (as amended).  The Council remains compliant with the terms of the Bonds.

Terms used but not otherwise defined in this notice shall have the meanings given to them in the Bond Trust Deed constituting the Bonds dated 16 August 2015 (the Bond Trust Deed) between the Council and M&G Trustee Company Limited (formerly Prudential Trustee Company Limited) as bond trustee.

For further information, please contact:

Danny Mather

Deputy Director of Finance

Warrington Borough Council

Town Hall

Sankey Street

Warrington

Cheshire WA1 1UH

Email: [e-mail]

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