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) | 16 April 2024 |
| S&P Global Ratings | AAA (stable outlook) | AA+ (stable outlook) | 27 September 2024 |
| Fitch Ratings | AA+ (stable outlook) | AA+ (stable outlook) | 20 August 2024 |
Bond portfolio as at 30 April 2025 - market outstandings
Note in addition there is NZD 4.966 billion in Treasury bills outstanding.