credit rating tagged posts

New Zealand’s Credit Rating Cut

September 30, 2011 New Zealand Taxation

New Zealand Credit RatingExcessive Government debts and credit card borrowing have led to New Zealand’s credit card rating being downgrade from AA+ to AA.

In a move that did not seem to surprise many, New Zealand’s credit rating was been downgraded from AA+ to AA on September 30th by Fitch Ratings. The international ratings agency pointed to the country’s staggering external debt levels as the primary reason behind the downgrade.

New Zealand’s net external debts currently stand at 83 percent of the GDP. According to Fitch Ratings, there has been no significant evidence that the figure is likely to drop, with neither the government nor public showing signs of making strong moves to slash their debts. It was added that the country also has a high current account deficit, which is expected to hit 4...

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Credit Rating agency, Fitch Ratings has lowered the New Zealand credit rating from “stable” to “negative”.

The New Zealand Dollar (Kiwi) fell against all of its major trading partners upon the release of the news that the New Zealand credit rating has fallen. On announcement day, the Kiwi fell from 64.61 US Cents, to 63.89 US Cents. Against the Australian Dollar, the Kiwi fell .55 cents, and .53 against the Yen.

The rating change by Fitch is not necessarily conceded between all ratings agencies. Goldman & Sach’s raised its outlook on New Zealand at its last revision...

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