Moody’s: Four New Zealand banks to negative

Moody's Investors Service said it revised the outlooks on the ratings of the four major New Zealand banks to negative from stable: ANZ Bank New Zealand Ltd., ASB Bank Ltd., Bank of New Zealand and Westpac New Zealand Ltd.

At the same time, the agency affirmed the four banks' Aa3 long-term senior unsecured debt ratings, together with all their other ratings, at their existing levels.

The outlook change follows Moody's Aug. 18 decision to revise to negative from stable the outlooks of their respective Australian parents, Australia and New Zealand Banking Group Ltd. (Aa2 negative, a1), Commonwealth Bank of Australia (Aa2 negative, a1), National Australia Bank Ltd. (Aa2 negative, a1) and Westpac Banking Corp. (Aa2 negative, a1).

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