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Public Trust assigned backed Aaa deposit rating
Public Trust assigned backed Aaa deposit rating from Moody’s
Moody’s Investors Service (Moody’s) announced that it has assigned a backed long-term deposit rating of Aaa with a stable outlook to Public Trust.
The rating covers deposits in the Common Fund, which are guaranteed under the Public Trust Act 2001. Interest on these deposits is guaranteed under the Public Finance Act 1989. Neither guarantee is limited by time, quantum of investment or class of investor.
Moody’s describes a deposit rating as an opinion of an entity’s ability to repay punctually its deposit obligations. The positive announcement comes after Public Trust was assigned an Issuer rating of Aa3 on 31 August 2010 by Moody’s.
“The backed Aaa rating reflects the fact that deposits of Public Trust are guaranteed by the New Zealand Government. The outlook for the backed rating is stable, in line with that of the New Zealand Government,” said Moody’s.
Public Trust’s Chief Financial Officer, Ken Reilly, described the rating as “a pleasing outcome for Public Trust as it provides customers with further confidence as to their investments held in the Common Fund.”
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