State-owned New Zealand Post and its subsidiary Kiwibank have had their credit ratings cut one notch by Standard & Poor's because of the group's growing reliance on its banking operations and an expectation of dwindling postal revenues.
Their credit ratings were cut to A+, from AA-, with a stable outlook, as Kiwibank faces tough competition in the banking sector and as NZ Post's traditional postal service shrinks, forcing the state-owned enterprise to seek revenue elsewhere.
"The downgrade reflects our view of the group's significant contingent exposure to its large and...
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