NZ Post, Kiwibank credit ratings cut by S and P on reliance on banking, dwindling postal revenue

Tue, 30 Oct 2012

By Paul McBeth Oct. 30 (BusinessDesk) - State-owned New Zealand Post and its subsidiary Kiwibank had their credit ratings cut one notch by Standard & Poor's on the group's growing reliance on its banking operations and expectations of dwindling postal revenues. The credit ratings were cut to A+ from AA-, with a stable outlook, as Kiwibank faces tough competition in the banking sector, and as NZ Post's traditional postal services shrinks and forces the state-owned enterprise to seek revenue elsewhere. "The downgrade reflects our view of the...

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