Credit ratings of banks in New Zealand

All New Zealand-registered banks must obtain and maintain a credit rating applicable to their long-term senior unsecured obligations payable in New Zealand, in New Zealand dollars.

Under section 80 of the Reserve Bank of New Zealand Act 1989, the Reserve Bank requires registered banks to obtain and maintain a current credit rating applicable to their long-term senior unsecured obligations payable in New Zealand, in New Zealand dollars. Registered banks must publish their credit rating in quarterly disclosure statements.

A credit rating is an independent opinion on the capability and willingness of a financial institution to repay its debts. It provides a simple summary measure of relative risk that is relatively easy to understand. The availability of a rating allows depositors, and other creditors, to assess the relative riskiness of individual banks and to make informed investment decisions. A credit rating requirement is also likely to enhance incentives for banks to operate their business prudently in order to avoid a rating downgrade.

See Explaining Credit Ratings (PDF 71KB) for an explanation of how credit ratings work, and what they can and cannot do.

Registered banks' credit ratings

The ratings in the table below are obtained from banks' quarterly disclosure statements and credit rating agency reports. The table was last updated on 2 October 2017.

The Reserve Bank has made reasonable efforts to ensure that a rating recorded on this page is the most up-to-date rating applicable to the bank concerned. However, the Reserve Bank cannot guarantee that a rating will be the most up-to-date in all circumstances.

Total number of registered banks = 24

Name of registered bank

Name of credit rating agency

and rating


Standard & Poors

Fitch

Moody's

ANZ Bank New Zealand Limited

AA-

AA-

A1

ASB Bank Limited

AA-

AA-

A1

Australia and New Zealand Banking Group Limited (B)

AA-

AA-

Aa3

Bank of Baroda (New Zealand) Limited

-

BBB-

-

Bank of China (New Zealand) Limited

-A

-

A1

Bank of India (New Zealand) Limited

BB+

-

-

Bank of New Zealand

AA-

AA-

A1

China Construction Bank (New Zealand) Limited

A

-

A1

Citibank N A (B)

A+

A+

A1

Commonwealth Bank of Australia (B)

AA-

AA-

Aa3

Heartland Bank Limited

-

BBB

-

Industrial and Commercial Bank of China (New Zealand) Limited

A

-

A1

JPMorgan Chase Bank NA (B)

A+

AA-

Aa3

Kiwibank Limited

A

AA

A1

Kookmin Bank (B)

A+

-

A1

Coöperatieve Rabobank U.A. trading as Rabobank Nederland (B)

A+

AA-

Aa2

Rabobank New Zealand Limited

A

-

-

Southland Building Society

-

BBB

-

The Bank of Tokyo-Mitsubishi UFJ Limited(B)

A+

A

A1

The Co-operative Bank Limited

-

BBB

-

The Hongkong and Shanghai Banking Corporation Limited (B)

AA-

AA-

Aa2

TSB Bank Limited

-

A-

-

Westpac Banking Corporation (B)

AA-

AA-

Aa3

Westpac New Zealand Limited

AA-

AA-

A1