NZ Post part-sale of Kiwibank keeps its credit rating safe, but bank's could be cut

Wed, 06 Apr 2016

By Fiona Rotherham April 6 (BusinessDesk) - New Zealand Post Group’s proposal to sell a 45 percent stake in Kiwibank to the NZ Superannuation Fund and Accident Compensation Corp will have no immediate impact on the troubled state-owned enterprise’s credit rating but could see the bank’s rating cut one notch. NZ Post expects to reap $495 million for its stake if the sale goes ahead with NZ Super Fund taking 25 percent and ACC 20 percent in a deal valuing the bank at $1 billion. NZ Post is losing as much as $30 million a year from its decli...

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