Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Fitch revises outlook on NZ’s credit rating to positive

Fitch revises outlook on NZ’s credit rating to positive

By Pam Graham

July 9 (BusinessDesk) – Fitch Ratings has revised the outlook on New Zealand’s credit rating to positive from stable, citing improved government accounts while recognising the country’s exposure to China and Australia as a risk.

The AA long term credit rating was affirmed. The improvement in outlook means an upgrade is possible if debt is reduced and if New Zealand can learn to “save anti-cyclically into the boom”.

New Zealand is rated Aaa with a stable outlook by Moody’s and AA with a stable outlook by Standard and Poor’s.

Finance Minister Bill English said the improvement in Fitch’s ratings outlook was a vote of confidence in the New Zealand economy and the government’s programme.

Fitch said vulnerabilities remained, primarily related to net external debt and a dependence on strong commodity prices.

“New Zealand remains heavily exposed to developments elsewhere, notably in China and Australia,” Fitch said.

Fitch notes the government is projecting its first fiscal surplus since 2008 in the 2014/15 budget.

“The fiscal consolidation drive continues to be strong and Fitch believes it is supported across the political spectrum,” Fitch said.

“The authorities have a credible plan to lift the fiscal surplus in the years ahead and reduce net core Crown public debt to 20 percent of GDP by FY20.”

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

No Voda/Sky: Commission Declines Clearance For Merger

The Commerce Commission has declined to grant clearance for the proposed merger of Sky Network Television and Vodafone New Zealand. More>>

ALSO:

EARLIER:

Power: IEA Report On New Zealand's Energy System

Outside of its largely low-carbon power sector, managing the economy’s energy intensity and greenhouse gas emissions while still remaining competitive and growing remains a challenge. More>>

ALSO:

NASA: Seven Earth-Size Planets Around A Single Star

NASA's Spitzer Space Telescope has revealed the first known system of seven Earth-size planets around a single star. Three of these planets are firmly located in the habitable zone, the area around the parent star where a rocky planet is most likely to have liquid water. More>>

ALSO:

Auckland Transport Case: Men Guilty Of Corruption And Bribery Will Spend Time In Jail

Two men who were found guilty of corruption and bribery in a Serious Fraud Office (SFO) trial have been sentenced in the Auckland High Court today... The pair are guilty of corruption and bribery offences relating to more than $1 million of bribes which took place between 2005 and 2013 at Rodney District Council and Auckland Transport. More>>

ALSO:

Hager Raid: Westpac Wrong To Release Bank Records To Police

The Privacy Commissioner has censured Westpac Banking Corp for releasing without a court order more than 10 months of bank records belonging to the political activist and journalist Nicky Hager during a police investigation into leaked information published in Hager's 2014 pre-election book, 'Dirty Politics'. More>>

ALSO:

EARLIER:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news