CCHL CREDIT RATING UPGRADED

On 15 December 2022, S&P Global Ratings (S&P) upgraded the credit rating on Christchurch City Holdings Ltd (CCHL) (NZX:CCH) to AA (Outlook: Stable) from AA- (Outlook: Positive). At the same time, S&P affirmed CCHL'S A-1+ short-term rating. The upgrade reflects that of CCHL's 100% owner, Christchurch City Council, as well as S&P's expectation that CCHL's role will remain critical and its link integral to Christchurch City Council. Refer to the attached S&P Global Ratings research update on CCHL. ENDS For further information contact: Toni Rowell Chief Financial Officer Phone: +64 3 941 8374 Mobile: +64 21 896 486 Email: toni.rowell@cchl.co.nz End CA:00404168 For:CCH Type:CREDIT Time:2022-12-15 14:26:05