WRC Holdings Outlook Revised to Negative; 'AA+/A-1+' Ratings Affirmed

Overview

• WRC Holdings Ltd. (WRCH) benefits from an almost-certain likelihood of receiving timely extraordinary support from its sole owner, Greater Wellington Regional Council, based on its critical role and integral link to the council.
• We revised our long-term rating outlook on WRCH to negative from stable. At the same time, we affirmed our 'AA+/A-1+' long- and short-term issuer credit ratings on WRCH.
• The negative outlook on the long-term rating reflects that on Greater Wellington.