Wednesday 19th October 2011
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Fitch Ratings cut the debt ratings on government-guaranteed bonds issued by ANZ National Bank and Westpac Banking Corp to reflect last month’s downgrade of New Zealand’s sovereign rating.
The debt was lowered to AA from AA+, Fitch said in a statement. The downgrades cover US$2.4 billion of 2012 and 2014 bonds issued by ANZ National and $2.5 billion of Westpac bonds of similar maturities.
New Zealand’s foreign-currency debt rating was cut one notch to AA by Fitch last month and the nation was stripped of its AAA local currency rating by Standard & Poor’s, which cited high foreign debt and a fiscal position weakened by earthquake costs.
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