Friday 3rd September 2004 |
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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."
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