The Ashburton District could save hundreds of thousands of dollars in interest repayments over the coming years after it was revealed today that the Ashburton District Council has received an AA+ credit rating.

Independent credit rating company, Fitch Ratings Services have assessed the Council's ability to service debt against a range of criteria and determined that the Council and district are in a strong financial position that should provide positive assurance to lenders.

The rating will assist the Council to secure lower interest rates when borrowing from lenders, which will help offset the financial burden on ratepayers.

Council Chief Executive, Hamish Riach says the AA+ credit rating means the Council can now access lower interest rates from the Local Government Funding Agency of up to 20 points.

"Fitch Ratings' assessment is a positive testament to the Council's fiscal position and the efforts of current and previous elected Councils to operate responsibly and efficiently for our community.

"We are very pleased to receive this rating. It will certainly have good outcomes for ratepayers, and residents should be proud of their district's good standing."

In the last financial year, the Council achieved its Financial Strategy targets to not exceed rate and external debt limits.

Its goals for the next 10 years are to ensure the Council remains financially stable; spend money prudently to deliver services, cater for growth and manage assets soundly; ensure rates and fees are kept to a reasonable level; and provide clear financial parameters for work programmes.

Information on the Council's financial performance in the last financial year are available in the 2018/19 Annual Report.​