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NZD Drops as S&P Downgrades New Zealand Credit Rating Outlook

November 22, 2010 at 14:04 by Vladimir Vyun

New Zealand dollarThe New Zealand dollar dropped heavily today as the Standard & Poor’s downgraded its outlook for New Zealand’s credit rating as the nation’s banks may be weakening.

The outlook for the New Zealand credit rating was downgraded from stable to negative by S&P. S&P confirmed the ‘AA+’ long-term and ‘A-1+’ short-term sovereign credit ratings of New Zealand. Alan Bollard, the governor of the Reserve Bank of New Zealand, said last week that the nation’s economy may be threatened by the decreasing demand for the New Zealand goods from other nations as the global economy struggles to recover from the recession.

NZD/USD dropped from 0.7808 to 0.7735 today as of 12:04 GMT.

If you have any questions, comments or opinions regarding the New Zealand Dollar, feel free to post them using the commentary form below.

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