Moody's cuts New Zealand banks' ratings by one notch

Credit rating company Moody's Investors Service has cut the ratings of the four major New Zealand banks by a notch, citing the state of the economy.

The ratings of ANZ National Bank, BNZ, ASB and Westpac have been cut to Aa3 from Aa2.

The cut comes after a review of bank ratings by Moody's. The outlook of the ratings is now stable.

NZPA

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October 29th Morning Report