Earthquake Commission

The Earthquake Commission (EQC) has welcomed news from one of the world’s leading international credit rating agency, Standard and Poor’s, that it has affirmed EQC’s AAA rating.
Standard and Poor’s said today that EQC’s AAA financial strength and corporate credit rating is in good health.

EQC Chief Executive Ian Simpson said receiving support from Standard and Poor’s was important.
“AAA is the highest possible credit rating, and this will give people confidence that EQC can, and will, meet all its commitments around the Canterbury earthquakes.”

“It’s also proves that EQC’s financial strategy prior to September 4 last year was sound.”
“At the time of the first earthquake EQC had accumulated more than NZ$6 billion in the Natural Disaster Fund and with reinsurance on top of that, EQC was is a strong financial position,” Mr Simpson said.

Estimated total net costs of recent events to EQC are currently at NZ$3.5 billion. This will leave around NZ$2.5 billion in the NDF as well as reinsurance of NZ$2.5 billion to fund future events.
EQC is one of a number of organisations working with the Canterbury Earthquake Recovery Authority (CERA) on rebuilding greater Christchurch and its surrounds, and supporting the welfare of its residents. For more information visit www.cera.govt.nz

ENDS

For more information contact:

• Gordon Irving 029 978 6430
• EQC website: www.eqc.govt.nz
• Facebook: www.facebook.com/earthquakecommission
• Twitter: www.twitter.com/eqcnz