S&P corrects Kiwi shares

Standard & Poor's said it raised its issue credit rating on Kiwi Capital Securities Ltd.'s NZ$150 million floating-rate perpetual callable non-cumulative preference shares to BBB-.

The upgrade reflects a correction in the application of S&P's bank hybrid capital methodology and assumptions, the agency said.

The preference shares are now rated two notches below the stand-alone credit profile of New Zealand Post Ltd. group, the parent of Kiwibank Ltd., reflecting the correct application of S&P's criteria.

The preference shares were previously and erroneously rated BB+.

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