Moody’s rates Kiwibank program A1

Moody's Investors Service said it assigned a long-term senior unsecured rating of provisional A1 to Kiwibank Ltd.’s domestic medium-term note program.

Moody’s said the provisional A1 rating for the program is aligned with the existing A1 senior unsecured rating on the bank’s NZ$120 million five-year fixed-rate bonds, issued off the program.

The rating applies to bonds issued off the program after Feb. 28, 2017, when a guarantee from Kiwibank's parent, New Zealand Post, was removed. Existing obligations issued on or before Feb. 28, 2017 continue to benefit from this guarantee and remain rated at Aa3.

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