Fitch pulls Westpac New Zealand from watch

Fitch Ratings said it affirmed Westpac New Zealand Ltd.'s long-term issuer default ratings at A+ and removed the rating watch negative on its long-term IDRs, the senior unsecured debt ratings of instruments issued by WNZL and guaranteed instruments issued by Westpac Securities Ltd. All other ratings were affirmed.

This review does not encompass WNZL's covered bond issuance.

“The removal of the RWN reflects our assessment that WNZL remains a key and integral part of its 100% parent, Westpac Banking Corp. (WBC, A+/stable). This follows WBC's announcement on June 24, 2021, that it had determined during a review of WNZL that retaining full ownership was in the best interest of shareholders. The ratings were first placed on RWN in March 2021 following the announcement of this review,” Fitch said in a press release.

The outlook is stable.

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