Fitch revises Kiwibank view to positive

Fitch Ratings said it revised the outlook on Kiwibank Ltd.’s long-term foreign-currency issuer default rating to positive from stable and affirmed the IDR at AA-. This rating action does not affect Kiwibank’s other ratings, which remain unchanged.

Kiwibank’s IDRs reflect Fitch’s assessment there is an extremely high capacity and likelihood of support from the New Zealand sovereign, which has a positive outlook. Fitch’s assessment considers the capital facility provided by the sovereign to the banking group. The sovereign has a 100% stake in Kiwibank through three entities. If Fitch were to revise the sovereign’s outlook to stable, Kiwibank’s outlook would be revised back to stable, Fitch said.

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