S&P affirms NZ Post credit rating, cuts hybrid notes to 'junk'

Tue, 16 Sep 2014

By Suze Metherell Sept. 17 (BusinessDesk) - Standard & Poor's affirmed New Zealand Post's issuer credit and related debt rating at A+/A-1 with a long term negative outlook, while cutting its hybrid notes to 'junk' status. NZ Post would receive a "very high level of extraordinary support" from the government in times of financial stress, but this wouldn't be extended to the $200 million of hybrid notes the national mail service has, S&P said in a statement yesterday. The Wellington-based company's hybrid notes were cut to a sub-investment...

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