CIAL Credit Rating Upgrade

On 15 December 2022, S&P Global Ratings (S&P) raised the rating on Christchurch City Council and its wholly owned subsidiary, Christchurch City Holdings Ltd. (CCHL) to 'AA' with stable outlooks. As a result on 16 December 2022, S&P has also raised the rating on Christchurch International Airport Ltd. (CIAL) to 'A-' with a stable outlook. S&P also affirmed the 'A-2' short-term rating. The rating action on CIAL reflects a two-notch uplift from its stand-alone credit profile, which is based on S&P's expectation of a moderately high level of extraordinary support from CCHL, as well as S&P's view of CIAL's important role as Christchurch's only airport and as an economically and strategically important asset for New Zealand's South Island. Refer to the attached S&P research update on CIAL. ENDS For Further Information: Tim May Chief Financial Officer Mobile: +64 21 228 3505 e-mail: tim.may@cial.co.nz End CA:00404276 For:CHC Type:CREDIT Time:2022-12-16 15:51:50