Aberdeen is one of a handful of councils to raise money by selling bonds, raising £370m in November 2016 to help finance a £1bn capital spending programme. Although devolution means Scottish councils are funded differently to the rest of the UK, Holyrood has also come under criticism for squeezing local authorities. Local authorities typically rely on external advice from accountancy and law firms when making investment decisions. Moody’s rates just five councils: Aberdeen, Warrington, Cornwall, Guildford and Lancashire. “That’s going to prompt a pretty quick reappraisal of risk by local authorities,” he added.

Source: The Guardian August 31, 2017 16:56 UTC