20 September 2002
'The rating reflects the sound financial performance and systems that have been put in place since the GLA was set up just over two years ago,' said Anne McMeel, GLA director of finance and performance.
London Mayor Ken Livingstone claimed that the rating would be an 'important asset' to the authority.
'It is vital that the GLA builds its reputation as a financially well-managed organisation,' he added.
The GLA now joins the small band of state bodies with an official credit rating. The others include: Huntingdonshire District Council (AAA); Royal Borough of Kensington & Chelsea (AAA); and Transport for London (AA–).
London is the eighteenth capital city in Europe to have been rated by S&P. Only Paris and Zurich have achieved an AAA rating.
PFsep2002
