13 July 2012 7:04am
Rabobank New Zealand yesterday hastened to restore its credit rating from Standard & Poor's, only a day after S&P withdrew the rating at Rabo's request.
The Reserve Bank of New Zealand, in line with policy enacted in the RBNZ's Act, requires banks to obtain, maintain and publish a credit rating.
Rabo's chief executive, Ben Russell, said in a statement yesterday that "in consultation with the Reserve Bank of New Zealand and for regulatory reasons, Rabobank sought reinstatement of a rating" from S&P.
The long term rating for the bank is AA.