Rising Auckland house prices weigh on NZ lenders, S&P says

Fri, 14 Aug 2015

By Paul McBeth Aug. 14 (BusinessDesk) - New Zealand's lenders face increased risks from the persistent strength of Auckland's property market, which hasn't slowed down as much as anticipated in spite of the Reserve Bank's efforts, says global credit rating agency Standard & Poor's. The country's four biggest banks - ANZ Bank New Zealand, ASB Bank, Bank of New Zealand, and Westpac New Zealand - have had their stand-alone credit profiles dropped a notch by S&P, which said the rapid rise in Auckland house prices has amplified the risk of a s...

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