Scoop has an Ethical Paywall
Work smarter with a Pro licence Learn More
Parliament

Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search

 

AA rating smoothes the way for Public Trust

Hon Steven Joyce

Minister of Finance

Hon Mark Mitchell

Associate Minister of Justice


22 June 2017


AA rating smoothes the way for Public Trust

The Government will shortly introduce legislation aimed at putting the Public Trust on an equal footing with private sector institutions.

The new legislation will remove the Crown guarantee of the Public Trust, in line with government policy for several decades that Crown-owned commercial businesses should not have a competitive advantage through being Crown-owned, Finance Minister Steven Joyce says.

“Public Trust recently received an AA credit rating from independent credit rating agency Fitch. This rating is a sign of very low credit risk, and a high level of ability to meet financial commitments. The rating places the Public Trust just one notch below the Government's own rating.”

Associate Justice Minister Mark Mitchell says the rating gives the Public Trust’s customers certainty that it is a strong, stable, sustainable business.

“Gaining the AA rating is a considerable achievement. It shows customers that they can have confidence in the organisation, and that they will not be disadvantaged by the removal of the guarantee.

“No other business in New Zealand that provides the same services as the Public Trust is underpinned by a Crown guarantee,” he says.

The Crown guarantee will remain in place until the legislation is passed by Parliament. This is likely to be in the second half of 2018.

ends

Advertisement - scroll to continue reading

Are you getting our free newsletter?

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.

© Scoop Media

Advertisement - scroll to continue reading
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines


Gordon Campbell: On The US Opposition To Mortgage Interest Deductibility For Landlords


Should landlords be able to deduct the interest on the loans they take out to bankroll their property speculation? The US Senate Budget Committee and Bloomberg News don't think this is a good idea, for reasons set out below. Regardless, our coalition government has been burning through a ton of political capital by giving landlords a huge $2.9 billion tax break via interest deductibility, while still preaching the need for austerity to the disabled, and to everyone else...
More


 
 

Government: Concerns Conveyed To China Over Cyber Activity
Foreign Minister Winston Peters has confirmed New Zealand’s concerns about cyber activity have been conveyed directly to the Chinese Government. “The Prime Minister and Minister Collins have expressed concerns today about malicious cyber activity... More

ALSO:


Government: GDP Decline Reinforces Government’s Fiscal Plan

Declining GDP for the December quarter reinforces the importance of restoring fiscal discipline to public spending and driving more economic growth, Finance Minister Nicola Willis says... More

ALSO:


Government: Humanitarian Support For Gaza & West Bank

Winston Peters has announced NZ is providing a further $5M to respond to the extreme humanitarian need in Gaza and the West Bank. “The impact of the Israel-Hamas conflict on civilians is absolutely appalling," he said... More


Government: New High Court Judge Appointed

Judith Collins has announced the appointment of Wellington Barrister Jason Scott McHerron as a High Court Judge. Justice McHerron graduated from the University of Otago with a BA in English Literature in 1994 and an LLB in 1996... More

 
 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

InfoPages News Channels


 
 
 
 

Join Our Free Newsletter

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.