Standard & Poor's joined Fitch in downgrading New Zealand's credit rating one notch, citing high external debts and the rebuilding cost after the
Christchurch earthquake. S&P cut New Zealand's long-term foreign currency rating to "AA" from AA+" and it long-term local currency rating to "AA+"
from "AAA". Friday's downgrade "follows our assessment of the likelihood that New Zealand's external position will deteriorate further at a time when
the country's fiscal settings have been weakened by earthquake-related spending pressures and fiscal stimulus to support growth," it said in a
After Italy got their rating cut a week or two ago, its New Zealand who is getting their rating cut now, it seems that they are going after anyone and
edit on 29-9-2011 by hypr2011 because: (no reason given)