New Zealand sovereign rating upgraded to AA+

New Zealand’s sovereign credit rating has been upgraded by Standard & Poor’s Global Ratings, citing the nation’s quicker-than-expected economic recovery from the coronavirus disease pandemic. The New Zealand dollar climbed, Bloomberg reports.

The foreign currency rating was raised to AA+ from AA while the local currency rating was increased to AAA from AA+, S&P said in a statement on Monday. The outlook is stable.

“New Zealand is recovering quicker than most advanced economies because the country has been able to contain the spread of the coronavirus better than most others,” S&P said. “We now believe that the government’s credit metrics can withstand potential damage from negative shocks to the economy, including a possible weakening of the real estate market, and its fiscal position at the ‘AA+’ rating level.”

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