July 23, 2003—Standard & Poor’s Ratings Services today said that its counterparty credit ratings on Kiwibank Ltd. (Kiwibank; AA-/Stable/A-1+) remain unaffected following an announcement by the bank that its parent, New Zealand Post Ltd. (AA-/Stable/A-1+) is to invest an additional NZ$40 million in Kiwibank over the next two year. Continued strong growth in Kiwibank’s housing loans has resulted in the bank requiring additional capital investment from its parent to meet Reserve Bank of New Zealand’s capital requirements. Additionally, although average deposit account balances have been below Kiwibank’s original expectations, the bank has been successful in attracting some high-value customers, and average balances are continuing to increase over time. The counterparty credit ratings on Kiwibank reflect the guarantee from its parent, New Zealand Post.
Mortgage News 24 July 2003
24 July 2003
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