S&P downgrades Kiwibank after NZ Post guarantee expires; Post's rating stable

Wed, 01 Mar 2017

By Sophie Boot March 1 (BusinessDesk) - S&P Global Ratings downgraded Kiwibank's long-term issuer credit rating to A from A+ after the bank's unconditional guarantee from majority owner New Zealand Post expired. The agency also affirmed its short-term issuer credit rating of A-1 and the A+ rating on the outstanding long-term debt issued by Kiwibank during the guarantee period. "Our long-term issuer credit rating on Kiwibank now incorporates three notches of uplift above the bank's stand-alone credit profile. Previously, we incorporated...

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