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New Zealand’s economy

New Zealand has a small, open economy operating on free market principles. It has a sizable manufacturing and a large services sector complementing a highly efficient export-oriented agricultural sector. New Zealand is also a popular overseas visitor destination, and tourism is an important source of export income.

For more information see the latest New Zealand Government Securities Overview.

New Zealand Debt Management 

New Zealand Debt Management  is the part of the New Zealand Treasury responsible for managing the Government’s debt and overall cash flows. We have been operating in international debt markets for over 25 years. Our guiding principles are transparency, even-handedness and consistency in our dealings with investors and intermediaries.

Credit ratings

Rating Agency Domestic Currency Foreign Currency Latest update

Moody's Investors Service

Aaa (stable outlook) Aaa (stable outlook) 2 April 2020

S&P Global Ratings

AAA (stable outlook) AA+ (stable outlook) 22 February 2021

Fitch Ratings

AA+ (stable outlook) AA (positive outlook) 12 January 2021

Bond portfolio as at 30 November 2021 - market outstandings

Note in addition there is NZD 7.350 billion in Treasury bills outstanding.

Last updated: 
Monday, 1 November 2021