Aberdeen City Council issues bonds worth £370m

The Aberdeen move is a Scottish first

Aberdeen City Council has become the first authority in Scotland to raise funds through the capital markets after issuing stock market bonds worth £370m.

The move comes after credit rating agency Moody's assigned Aberdeen an Aa2 rating last month.

The council said the money would go towards infrastructure schemes as part of its capital plan.

It has the backing of the Scottish government, which believes other councils could go down a similar route.

Council leader Jennifer Laing said: "This is a remarkable achievement by this council in securing this investment in the future of our city."