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S&P Raises New Zealand Ratings on Faster-Than-Expected Recovery

Taarek Refaat by Taarek Refaat
7:31 AM February 22, 2021
New Zealand: S&P Raises Ratings on Faster-Than-Expected Recovery
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Standard & Poor‘s raised New Zealand’s sovereign credit rating significantly on Monday, saying the economy is on the path to a faster-than-expected recovery from the pandemic, driving the domestic dollar higher.

S&P upgraded New Zealand’s foreign sovereign credit ratings to AA + / A-1 + and the domestic currency to AAA / A-1 + respectively, with a stable outlook.

The rating agency said New Zealand is recovering faster than most advanced economies as it has managed to contain the coronvirus better than others.

“We now believe that government credit measures can withstand the potential damage from negative shocks to the economy, S&P added.

The New Zealand dollar jumped to its highest since April 2018 at $0.7338, and bond yields rose in recent weeks as the economy beat all expectations and investors bet on a cut back to stimulus this month.

10-year bond yields jumped to 1.66% today, the highest since the pandemic outbreak in March, after rising 64 basis points since the start of the year.

Meantime, the Reserve Bank of New Zealand (RBNZ) is expected to keep interest rates unchanged on Wednesday.

Tags: Ko te S&P e whakaara ake ana i te Whakatauranga o Niu Tireni mo te Whakaora Tere-Ma Te TikaNew Zealand: S&P Raises Ratings on Faster-Than-Expected Recovery

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