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S&P Puts NZ on "negative watch"

Written by Sam Coxhead on November 22nd, 2010.      0 comments

5:09 PM (NZT) "The outlook revision on the foreign currency ratings reflect our recognition of the risks stemming from New Zealand’s projected widening external imbalances in the context of the country’s weakened fiscal flexibility,” said Sovereign Ratings credit analyst Kyran Curry. “New Zealand’s vulnerability to external shocks, arising from its open and relatively undiversified economy, also raises risks to the country’s economic recovery and credit quality.” 
Standard & Poor’s stresses, however, that these weaknesses are mitigated by New Zealand’s fiscal and monetary policy flexibility, strong  institutions, economic resilience, and its actively traded currency.
 

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