S&P raises New Zealand's credit rating to AA+

Rating agency Standard & Poor's (S&P) has raised New Zealand's credit rating to AA+ from AA, citing the nation's success in controlling the coronavirus pandemic better than other nations as the primary reason for its quick economic recovery. 

Key points

• New Zealand's credit matrics can withstand potential damage from negative shocks to the economy.
• Both central and local budget deficits in the country are likely to narrow during the next few years.
• New Zealand's fiscal indicators are likely to recover during the next few years.
• The real GDP could grow around 3.2% per annum between financial year 2022 & 2024.