Aberdeen City Council said it has been recognised for “a strong institutional framework” and “strong track record of operating performance” by credit rating agency Moody’s, which has completed its annual assessment of the council.

The credit rating review follows the initial awarding of a credit rating last year in advance of the successful £370 million bond issue by the council on the London Stock Exchange.

“Aberdeen City Council’s rating was adjusted to Aa3 with a stable outlook, from Aa3 with a negative outlook, in line with a downgrading of UK sovereign rating in September,” said the council.

“In October, Moody’s visited the city as part of its comprehensive annual review and this month confirmed it was maintaining the Aa3 rating and stable outlook.”

Cllr Douglas Lumsden, Aberdeen City Council Co-Leader and convener of the Finance, Policy and Resources committee, said: “The independent view of Moody’s is very welcome as it underlines the prudent financial management at the heart of Aberdeen City Council’s operations.

“As a result of the bond issue and initial credit rating, we now face more stringent financial scrutiny than any local authority in Scotland and the process provides additional assurance to elected members and the wider public.”