International credit rating agency Standard & Poor’s has lowered Kiwibank’s credit rating one level from AA- to A+ (outlook stable). Kiwibank’s short-term credit rating has also been lowered to A-1. The rating action mirrors similar action on the bank’s parent, New Zealand Post.

Kiwibank’s standalone credit profile is unchanged at ’BBB’.

The rating returns Kiwibank to one level below the large Australian banks. For the last eight months it had been at the same level.

Kiwibank Chief Executive Paul Brock said “the downgrade is disappointing but Kiwibank remains among highest rated banks in the world”.

For further information:
Bruce Thompson
Communications Manager
(04) 460 6831