Both Moody's and Standard & Poor's credit rating agencies have affirmed that they will not be changing their outlook on the New Zealand banks involved with tax payback cases. Following a High Court decision in which BNZ bank was found liable to pay $416 million in unpaid taxes and a possible $238 million in use of money interest, thoughts have been centered around how this would affect the banking institution. ANZ bank, Westpac and the owner of ASB, the Commonwealth Bank of ... Read More

Both Moody's and Standard & Poor's credit rating agencies have affirmed that they will not be changing their outlook on the New Zealand banks involved with tax payback cases. Following a High Court decision in which BNZ bank was found liable to pay $416 million in unpaid taxes and a possible $238 million in use of money interest, thoughts have been centered around how this would affect the banking institution. ANZ bank, Westpac and the owner of ASB, the Commonwealth Bank of Australia ... Read More

New Zealand Prime Minister John Key has said that he does not expect New Zealand’s credit to be downgraded after the release of the May 28th Budget. Despite warnings earlier this year by credit rating agency Standard & Poor, John Key believes that New Zealand government has changed its economic track enough to ensure that no credit downgrade will occur. As an indicator of economic stability and certainty, the credit rating has a direct effect in the cost of financing that New Zealand ... Read More