S&P have New Zealand rated at AA+ foreign currency and AAA local currency
S&P says NZ’s external imbalance is a key risk, S&P have consistently noted this, it not new.
New Zealand’s credit grades with S&P Global Ratings could come under pressure if the nation’s current account deficit remains too big
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- deficit “is at an extremely high level at the moment”
- deficit is “much wider than we were expecting it to be”
Blowout current deficit data earlier today ICYMI:
New Zealand dollar rallied with the bout of US weakness and hour or so ago, but has lost some ground relative to its peers on this crossing from the rating agency.