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Disclaimer: The information on this web site is issued by the New Zealand Debt Management Office (NZDMO) for informational purposes. It does not contain and is not an invitation or offer to buy or sell securities. Each page on this web site must be read in conjunction with the disclaimer at http://www.nzdmo.govt.nz.
New Zealand Sovereign Credit Ratings
Page updated 12 Dec 2007
Credit ratings are assigned to sovereigns and businesses by the international credit rating agencies. Credit ratings provide investors with an indication of the credit-worthiness of an entity in which they are considering investing.
There are three major internationally recognised credit rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service (Moody’s) and Fitch Ratings (Fitch). For many years, S&P and Moody’s dominated the market but Fitch has assumed increasing importance in recent years.
New Zealand was first rated by S&P and Moody’s in 1977 and by Fitch in 2002.
The rating agencies issue short and long-term ratings for both domestic and foreign-currency debt. The long-term foreign-currency rating is the rating most commonly used. New Zealand’s long-term foreign-currency rating has fluctuated between AAA (Triple A) and AA-/Aa3 over the past three decades. AAA is the highest rating level while a rating in the AA range is also seen as a very high level of credit-worthiness.
Current Ratings
| Rating Agency | Rating | Date of Latest Report |
|---|---|---|
| Moody’s Investor’s Service | Aaa (stable outlook) | 3 December 2006 |
| Standard and Poor’s | AA+ (stable outlook) | 31 July 2007 |
| Fitch Ratings | AA+ (stable outlook) | 29 September 2006 |
New Zealand's Foreign Currency Credit Rating History
| Date | Standard and Poor's Ratings Group | Moody's Investors Service |
|---|---|---|
| 21 October 2002 | .. | Aaa |
| 7 March 2001 | AA+ (stable outlook) | .. |
| 27 March 2000 | AA+ (negative outlook) re-affirmed | .. |
| 24 September 1998 | .. | Aa2 (stable outlook) |
| 10 September 1998 | AA+ (negative outlook) | .. |
| 5 June 1998 | .. | Aa1 (on review for possible downgrade) |
| 30 January 1998 | .. | Aa1 (negative outlook) |
| February 1996 | .. | Aa1 (stable outlook) |
| January 1996 | AA+ (stable outlook) | .. |
| December 1994 | AA | .. |
| March 1994 | .. | Aa2 |
| January 1991 | AA- | .. |
| December 1986 | AA | .. |
| August 1986 | .. | Aa3 |
| October 1984 | .. | Aa |
| April 1983 | AA+ | .. |
| First rated 1977 | AAA | Aaa |