Unconditional guarantee from New Zealand Post Ltd. Good retail-funding position Supportive risk-based capitalization ratios and good financial flexibility High growth appetite has the potential to moderate earnings, capital, and asset quality Modest market position as business growth is dependent on being able to price competitively Unseasoned lending portfolio Our ratings on Kiwibank reflect the stand-alone credit profile for banks operating only in New Zealand; plus Kiwibank's "moderate" business position, "strong" capital and earnings, "moderate" risk position, "average" funding, and "adequate" liquidity. Our bank criteria use the BICRA economic risk and industry risk scores to determine a bank's anchor stand-alone credit profile (SACP), the starting point in assigning an ICR. The anchor SACP for a bank operating only in New Zealand...
Companies mentioned in this report are:
- Kiwibank Ltd.
- New Zealand
- Earthquake Commission
- New Zealand Post Ltd.
- Mercury NZ Ltd.
- Meridian Energy Ltd.
- Genesis Energy Ltd.
- New Zealand Local Government Funding Agency Ltd.
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis