Goldman Sachs tagged posts
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...Read More
November 24, 2008 New Zealand Finance
New Zealand banks are so sure of a December 4th OCR cut that they are preemptively slashing their own mortgage rates.
In expectation of an Official Cash Rate (OCR) cut on the 4th of December, interest rates are already being adjusted to by banks, analysts predict that this will be especially prominent on the 6 month rates. Leading the pack in rate cuts amongst New Zealand banks is BNZ, who on the 24th of November reduced their 6 month mortgage rate to 6.99 %. Kiwibank is offering the next lowest rate at a one year 7.29%.
Bank figures are confident in a fall in the OCR with key figures from the New Zealand banking industry making statements to that effect...Read More