Fitch rates Kiwibank notes AA, AA-

Fitch Ratings said it assigned a rating of AA to Kiwibank Ltd. NZ$120 million fixed-rate senior notes due September 2022 and a rating of AA- to it's A$150 million fixed-rate senior notes due October 2027.

The notes are the first Kiwibank senior unsecured instruments rated by Fitch since the removal of New Zealand Post's guarantee on March 1.

The New Zealand dollar notes are rated at the same level as Kiwibank's long-term local-currency issuer default rating of AA and the Australian dollar notes are rated at the same level at the bank's long-term foreign-currency issuer default rating of AA-.

The notes are rated one notch below the outstanding local- and foreign-currency notes that still benefit from the New Zealand Post guarantee.

All debt issued on or after March 1 no longer benefits from the New Zealand Post or any other guarantee.

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