WELLINGTON: New Zealand’s sovereign credit rating has been raised by Standard & Poor’s Global Ratings (S&P), making it the first developed nation with investment-grade debt to get an upgrade since the outbreak of the coronavirus pandemic. The New Zealand dollar rose.
S&P lifted its foreign currency rating to AA+ from AA and its local currency rating to AAA from AA+, citing New Zealand’s faster-than-expected economic recovery. The outlook is stable, S&P said in a statement.
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