New Zealand Credit Ratings & Outlooks
Country | Moody's | S&P | Fitch | DBRS | Scope Ratings |
|---|---|---|---|---|---|
Aaa Stable | AA+ Stable | AA+ Stable | AAA Stable | NR |
Credit Rating History
Country | Date of Change | Rating Agency | Previous Rating | Previous Outlook | Current Rating | Current Outlook |
|---|---|---|---|---|---|---|
| Nov 03, 2025 | DBRS | NR | AAA | Stable | ||
| Sep 09, 2022 | Fitch | AA | Positive | AA+ | Stable | |
| Feb 21, 2021 | S&P | AA | Positive | AA+ | Stable | |
| Jan 22, 2020 | Fitch | AA | Stable | AA | Positive | |
| Jan 30, 2019 | S&P | AA | Stable | AA | Positive | |
| Jan 26, 2016 | Fitch | AA | Positive | AA | Stable | |
| Jul 08, 2014 | Fitch | AA | Stable | AA | Positive | |
| Sep 29, 2011 | Fitch | AA+ | Negative | AA | Stable | |
| Sep 29, 2011 | S&P | AA+ | Negative | AA | Stable | |
| Nov 21, 2010 | S&P | AA+ | Stable | AA+ | Negative | |
| Jul 15, 2009 | Fitch | AA+ | Stable | AA+ | Negative | |
| May 27, 2009 | S&P | AA+ | Negative | AA+ | Stable | |
| Jan 12, 2009 | S&P | AA+ | Stable | AA+ | Negative | |
| Aug 18, 2003 | Fitch | AA | Stable | AA+ | Stable | |
| Oct 20, 2002 | Moody's | Aa2 | Stable | Aaa | Stable | |
| Mar 27, 2002 | Fitch | NR | AA | Stable | ||
| Mar 06, 2001 | S&P | AA+ | Negative | AA+ | Stable | |
| Sep 23, 1998 | Moody's | Aa1 | Negative Watch | Aa2 | Stable | |
| Sep 09, 1998 | S&P | AA+ | Stable | AA+ | Negative | |
| Jun 04, 1998 | Moody's | Aa1 | Stable | Aa1 | Negative Watch |
Table Key
| Grade | Moody's | S&P | Fitch | DBRS | Scope Ratings |
|---|---|---|---|---|---|
Prime | Aaa | AAA | AAA | AAA | AAA |
High Grade | Aa1 | AA+ | AA+ | AA (high) | AA+ |
Aa2 | AA | AA | AA | AA | |
Aa3 | AA- | AA- | AA (low) | AA- | |
Upper Medium Grade | A1 | A+ | A+ | A (high) | A+ |
A2 | A | A | A | A | |
A3 | A- | A- | A (low) | A- | |
Lower Medium Grade | Baa1 | BBB+ | BBB+ | BBB (high) | BBB+ |
Baa2 | BBB | BBB | BBB | BBB | |
Baa3 | BBB- | BBB- | BBB (low) | BBB- | |
Non-investment Grade Speculative | Ba1 | BB+ | BB+ | BB (high) | BB+ |
Ba2 | BB | BB | BB | BB | |
Ba3 | BB- | BB- | BB (low) | BB- | |
Highly Speculative Grade | B1 | B+ | B+ | B (high) | B+ |
B2 | B | B | B | B | |
B3 | B- | B- | B (low) | B- | |
Substantial Risk Grade | Caa1 | CCC+ | CCC+ | CCC | |
Caa2 | CCC | CCC | CCC | CCC | |
Caa3 | CCC- | CCC- | CCC | ||
Extremely Speculative Grade | Ca | CC | CC | CCC | CC |
C | CCC | C | |||
In Default with Little Prospect for Recovery | CD | RD | RD | ||
In Default | SD | SD | |||
C | D | D | D | D | |
DD | DD | ||||
DDD | DDD | ||||
Not Rated | NR | NR | NR | NR | NR |
FAQ
What is New Zealand’s current credit rating?
New Zealand’s sovereign credit rating reflects its government’s ability and willingness to meet debt obligations. It is assigned by major agencies such as S&P, Moody’s, Fitch, DBRS, and Scope, and represents how international markets view New Zealand’s credit risk.
Has New Zealand’s credit rating changed recently?
This page lists the latest rating and outlook actions for New Zealand, showing when each agency last reviewed or changed its assessment.
Why does New Zealand’s credit rating matter to investors?
Ratings directly affect borrowing costs, investor confidence, and market access. Changes can influence New Zealand's bond yields, currency, and equity flows as investors reassess risk.
How does New Zealand’s rating compare to other countries?
You can explore how New Zealand ranks globally using our Credit Ratings Hub, which displays all countries’ ratings from S&P, Moody’s, Fitch, DBRS, and Scope.
What do outlooks like Positive, Stable, and Negative mean?
They indicate the expected direction of a rating. Positive signals a possible upgrade, Stable means no change is likely, and Negative points to potential downgrade risk
What is the difference between investment grade and speculative grade?
Investment grade (BBB−/Baa3 or higher) means relatively low risk and steady market access. A speculative grade (BB+/Ba1 or lower) signals higher risk and volatility, but can attract yield-seeking investors.
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