Aberdeen has become the first council in Scotland to be given an official credit rating, allowing it to access new funding mechanisms.

The city council has been given an Aa2 rating by Moody’s Investors Service, who said the council had a ‘strong track record of operating performance’.

Moody’s also said the council had maintained a net surplus against budget for the past five years.

Aberdeen City Council Leader, cllr Jennifer Laing, said: ‘Being assigned a credit rating, a first for a Scottish local authority, is a vital step forward for us as we explore options to fund what is a comprehensive capital programme designed to support the city’s growth and diversification during a crucial period for Aberdeen.

‘We are committed to investing in a bright and prosperous future for the people of Aberdeen and the businesses in our city, with transformation already well underway. Today’s announcement is another significant step towards realising our ambitions.’

The credit rating will give the council access to debt capital markets.