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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) 21 September 2018

Standard and Poor's

AA+ (positive outlook) AA (positive outlook) 30 January 2019

Fitch Ratings

AA+ (stable outlook) AA (stable outlook) 14 February 2018

Bond portfolio as at 31 December 2019 - market outstandings

Note in addition there is NZD 2.345 billion in Treasury bills outstanding.

Last updated: 
Friday, 3 January 2020