Rating agency expects quake will hit NZ govt finances

Rating agency expects quake will hit NZ govt finances

Feb. 22 (BusinessDesk) – International credit rating agency Standard & Poor’s says it's too early to assess the impact of today's Christchurch earthquake.

Melbourne-based ratings analyst Kyran Curry told BusinessDesk the quake was likely to have a negative impact on the government's finances as occurred after the September quake.

S&P currently has New Zealand on a AA+ rating, with a negative outlook, though this is strongly based on the country's external position.

Curry said that though there's no good place or time for an earthquake, the fact it has taken place in Christchurch as opposed to Wellington or Auckland means the banking and financial infrastructure will continue to function.

He said it will take at least a couple of days to provide any kind of assessment.

(BusinessDesk) 16:12:55

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