S&P changes outlook for Kiwibank to ‘negative’
Kiwibank’s credit rating has been confirmed at AA- by international credit rating agency Standard & Poor’s.
The state-owned bank now has the same rating as the four major Australian-owned banks operating in New Zealand: Westpac, ASB, ANZ and BNZ.
However, the outlook for Kiwibank has been amended from ‘stable’ to ‘negative’, after the credit rating of its owner, New Zealand Post, was reviewed.
Kiwibank chief executive Paul Brock said the change in New Zealand Post's rating outlook was automatically passed through to Kiwibank.
Standard & Poor’s says the negative outlook for New Zealand Post reflects the ongoing decline in its traditional mail business, in line with postal trends globally.
New Zealand Post chief executive Brian Roche says the change in outlook is disappointing, but he's confident the company will meet the challenges posed by the shrinking mail market.
“New Zealand Post is well positioned to deliver on a sustainable physical network, growing the bank, creating a digital future and a superior customer experience,” Mr Roche said in a statement.