S&P cuts NZ Post's credit rating as mail volumes keep falling

Fri, 20 Dec 2019

International ratings agency Standard & Poor's has slashed New Zealand Post's credit rating because of the continued decline in mail volumes.S&P cut the 'A+' rating to 'A' and removed NZ Post from its negative creditwatch status where it had sat since Oct. 1. In addition, it cut the group's subordinated notes from 'BB+' to a 'BB' rating."We lowered the ratings on NZ Post to reflect our view that earnings growth in the parcel business will be insufficient to mitigate losses in the mail business," the ratings agency said."Declining volume...

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