Credit ratings are assigned to sovereigns and businesses by international credit rating agencies. Credit ratings provide investors with an indication of the creditworthiness of an entity in which they are considering investing.
There are three major internationally recognised credit rating agencies: S&P Global Ratings (S&P), Moody’s Investors Service (Moody’s) and Fitch Ratings (Fitch). New Zealand was first rated by S&P and Moody’s in 1977 and by Fitch in 2002.
The credit rating agencies issue short and long-term ratings for both domestic and foreign-currency debt. The long-term foreign-currency rating is the rating most commonly used, with Triple A (AAA: S&P and Fitch, Aaa: Moody's) indicating the strongest level of creditworthiness. New Zealand’s long-term foreign-currency rating has fluctuated between AAA/Aaa and AA-/Aa3 over the past three decades.
| 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) | 7 September 2023 |
| Fitch Ratings | AA+ (stable outlook) | AA+ (stable outlook) | 20 August 2024 |
| Date | S&P Global Ratings | Moody's Investors Service | Fitch Ratings |
|---|---|---|---|
| 9 September 2022 | .. | .. | AA+ (stable outlook) |
| 21 February 2021 | AA+ (stable outlook) | .. | .. |
| 22 January 2020 | .. | .. | AA (positive outlook) |
| 30 January 2019 | AA (positive outlook) | .. | .. |
| 26 January 2016 | .. | .. | AA (stable outlook) |
| 8 July 2014 | .. | .. | AA (positive outlook) |
| 30 September 2011 | AA (stable outlook) | .. | .. |
| 29 September 2011 | .. | .. | AA (stable outlook) |
| 22 November 2010 | AA+ (negative outlook) re-affirmed | .. | .. |
| 16 July 2009 | .. | .. | AA+ (negative outlook) re-affirmed |
| 28 May 2009 | AA+ (stable outlook) re-affirmed | Aaa (stable outlook) | .. |
| 13 January 2009 | AA+ (negative outlook) re-affirmed | .. | .. |
| 28 November 2008 | .. | .. | AA+ (stable outlook) re-affirmed |
| 6 August 2008 | AA+ (stable outlook) re-affirmed | .. | .. |
| 16 June 2008 | .. | Aaa (stable outlook) | .. |
| 18 August 2003 | .. | .. | AA+ |
| 21 October 2002 | .. | Aaa | .. |
| 27 March 2002 | .. | .. | AA |
| 7 March 2001 | AA+ (stable outlook) | .. | .. |
| 27 March 2000 | AA+ (negative outlook) re-affirmed | .. | .. |
| 24 September 1998 | .. | Aa2 (stable outlook) | .. |
| 10 September 1998 | AA+ (negative outlook) | .. | .. |
| 5 June 1998 | .. | Aa1 (on review for possible downgrade) | .. |
| 30 January 1998 | .. | Aa1 (negative outlook) | .. |
| February 1996 | .. | Aa1 (stable outlook) | .. |
| January 1996 | AA+ (stable outlook) | .. | .. |
| December 1994 | AA | .. | .. |
| March 1994 | .. | Aa2 | .. |
| January 1991 | AA- | .. | .. |
| December 1986 | AA | .. | .. |
| August 1986 | .. | Aa3 | .. |
| October 1984 | .. | Aa | .. |
| April 1983 | AA+ | .. | .. |
| First rated 1977 | AAA | Aaa | .. |