S&P Global Ratings warns that Kiwis are blind to the 'astronomical' costs of fixing Three Waters.

A new report from the credit agency suggests that local councils are gaming the system by building new infrastructure with the hope that their ratepayers won't have to pick up the tab.

S&P Global Ratings director Anthony Walker says the cost of fixing water infrastructure could be between $120 billion to $180 billion, with the potential to go higher.

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