WELLINGTON, Aug 29 (NNN-XINHUA) – New Zealand Finance Minister, Grant Robertson, today welcomed the affirmation of the country’s AA+ credit rating by Fitch, the credit rating agency.
The New Zealand government’s prudent and responsible financial management has been acknowledged by the new rating, Robertson said.
Fitch affirmed New Zealand’s long-term foreign and local currency ratings at AA+ with a stable outlook. It follows Moody’s annual credit analysis, affirming a stable outlook on New Zealand’s local currency and foreign currency ratings at Aaa.
“This is further endorsement of the government’s financial and economic management in a difficult and uncertain global environment,” he said, adding, the government has continued to take action to consolidate spending, which Fitch said is expected to drive a sustained decline in the deficit.
The New Zealand government is requiring public agencies to find permanent savings, including through cutting back on contractors, in the face of a deteriorating global economy and tax revenue failing to meet Treasury’s forecasts, which will save taxpayers nearly four billion NZ dollars (2.37 billion U.S. dollars) over the next four years, Robertson said yesterday.– NNN-XINHUA
