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

NZX Announcement 18 March 2025 LGFA CREDIT RATINGS AFFIRMED BY S&P GLOBAL RATINGS at AA+/AAA On 18 March 2025, S&P Global Ratings 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. This reflects the view by S&P Global Ratings that LGFA has a dominant market position as a source of financing for councils and LGFA's strengthening capital position is counteracting rising risk associated with its lending book to councils. They also note that there is an extremely high likelihood that extraordinary financial support from the New Zealand Government would be forthcoming in a stress scenario over the next two years. 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