Aberdeen City Council has raised millions of pounds for its capital works programme by becoming the first local authority in Scotland to issue stock market bonds.

With the backing of the Scottish Government, the council issued £370m in bonds, which will go towards delivering a series of capital and infrastructure work projects.

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

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"Having already secured a credit rating from Moody's Investors Service at Aa2, the issue of the bond sees another step forward by the Council in delivering a stable and fiscally prudent financial strategy that is both affordable and sustainable for the future as demonstrated by investor confidence."

Councillor Willie Young added: "The bond issue is part of our strategy to maintain a diversified funding portfolio that provides us with greater financial flexibility.

"This flexibility will help Aberdeen anchor its status as both a Global Energy Hub as well as ensuring that we have the infrastructure required to attract world class businesses as we seek to broaden and diversify our economic base."

(LM/JP)