On June 28, 2023, S&P Global Ratings revised the outlook on its long-term rating on Bay of Plenty Regional Council, a New Zealand local government, to negative from stable. "Rising interest costs, including Quayside Holdings Ltd.'s perpetual preference share dividends, and inflationary pressures will narrow operating margins for the New Zealand local government".

Credit rating is the driving force behind the Bay of Plenty Regional Council's desire to sell down Port of Tauranga's shareholding to 28%.