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Fitch has classified LGFA as a corporate mission, government-related entity (GRE) under its Government-Related Entities Rating Criteria.
The first illustrative example is the Local Government Finance Authority of South Australia (LGFA).
Anecdotally, the secondary market for LGFA bonds is becoming more liquid overtime, as the quantity of bonds outstanding increases.
Applying its government-related entity methodology, the agency's assesses the probability of extraordinary government support to LGFA as "extremely high", given the entity's "integral" links to and "very important" role for the state.
A lower value of LGFA implies a lighter financial burden on the local government.
"I never got one phone call from anyone in the LGFA. There could be more and more men leaving the LGFA because of what happened to me."
The bond is rated in line with LGFA's Long-Term Local-Currency Issuer Default Rating (IDR) and net proceeds are being used to provide funding to various local councils in New Zealand.
The LGFA was established in December 2011 to provide longer-term and cost-efficient funding to New Zealand's local-government sector.
The council's stable budgetary performance and local government funding agency (LGFA) borrowing scheme, should mitigate potential volatility in capex financing needs.
The Mayo boss was backed by the Mayo LGFA after the 12 players who walked off the panel earlier this summer, including captain Sarah Tierney and star player Cora Staunton, outlined their grievances this week.
Hong Kong/Barcelona: Fitch Ratings has affirmed New Zealand Local Government Funding Agency Limited's (LGFA) Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'AA', Long-Term Local-Currency IDR at 'AA+' and Short-Term Local- and Foreign-Currency IDRs at 'F1+'.
THE GPA are willing to intervene in the deepening rift between the Mayo LGFA and the players who walked out of the panel in June.
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