Please find below Moody’s view on New Zealand PM resignation.

• There are no implications from the Prime Minister's resignation for New Zealand's sovereign credit profile.

• We expect New Zealand's very strong institutions to lead to a smooth transition and policy continuity.

• New Zealand’s government has effectively pursued a policy of fiscal consolidation. We do not expect any material change in policy. Government debt will remain low.

• We do not expect any impact on economic activity. GDP growth has been strong and broad based, supporting the government’s objective to maintain sound public finances.