New Zealand's credit rating lowered

Stuff

30 September, 2011

Fitch Ratings has downgraded New Zealand's credit rating by one notch because of concern about growing external debt in a volatile global economy.

It cut the rating to AA from AA-plus and said it was unlikely New Zealand would be able to sustainably narrow its current account deficit over the next few years.

The New Zealand dollar dropped on the news and recently traded at US76.66 cents, its lowest level since April 4.

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