Credit Rating Decision to Come Soon

May 27, 2009 New Zealand Finance  No comments

New Zealand Prime Minister John Key has stated that the decision regarding the possible downgrade of New Zealand’s credit rating could come as early as the 28th of May, Budget release day.

While no official indication has been given by credit rating agency Standard & Poor’s as to the timing or result of their credit rating decision, Prime Minister John Key has made optimistic statements both to the possible outcome and the time until its announcements.

Three Standard & Poor’s executives were in a meeting with John Key, in an opportunity for him to elaborate on New Zealand’s future economic plans. He said in a statement after the meeting, that the executives understand his plans, although he has no indication in regards to their credit rating decision.

Prime Minister John Key has come under attack from opposition leaders recently for apparently paying too much head to credit rating agencies in the writing of the budget. Labour leader Phil Goff was a prime figure behind these accusations, saying that New Zealand should be more concerned with creating jobs as opposed to “pandering” to credit rating agencies.