Friday 3rd September 2004 |
Text too small? |
Under the Insurance Companies (Ratings and Inspections) Act 1994, insurers selling general or disaster insurance in New Zealand are required to obtain a rating from an approved rating agency.
"This marks a significant step in the development of Fitch's presence in the New Zealand market," Fitch's Australasian managing director Andrew Smith said.
Meanwhile, Fitch has affirmed New Zealand's long-term foreign and local currency ratings at AA+ and AAA respectively with stable outlook. The short-term foreign currency rating is affirmed at F1+.
"Among the key factors supporting New Zealand's sovereign ratings are the economy's demonstrable resilience to external shocks, sound public finances and a well-developed risk management culture fostered by long experience of a freely floating exchange rate," Fitch senior director of sovereign ratings, Paul Rawkins, said.
Rawkins said the agency also took comfort from the findings of a recent IMF Financial System Stability Assessment that give New Zealand a clean bill of health, notwithstanding banks' large net overseas exposure and significant swings in the exchange rate since end-2001.
However, Rawkins said "persistent current account deficits, high net external indebtedness and low international liquidity remain the major constraints on the rating."
No comments yet
December 5th Morning Report
Kiwi Property launches Green Bond offer
TEM - Transaction in Own Shares
December 2nd Morning Report
MWE - Intention to De-list from the NZX Main Board
KMD Brands announces Release of Climate-Related Disclosure
Rua Bioscience expands product range in New Zealand
SPG - HY25 Interim Results
PaySauce FY25 Half Year Result and Interim Report
Synlait releases Integrated Climate Report