Credit Ratings, credit rating agencies & NZ’s rating David Tripe November 2011
Credit ratings, credit rating agencies and New Zealand’s rating David Tripe Massey University
Who are the agencies? • Moodys • Standard & Poor’s • Fitch Classed as “Nationally recognised statistical rating organisations” (NRSROs) by the SEC in the USA
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What are ratings? • Opinions on the risk of default (non‐payment) in respect of debt • Historical records show relationship between credit ratings and risk of default (or ratings change) for corporate debt
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What are the risks applying to New Zealand? • Government debt – not large, unlikely to adversely affect the country’s rating • Private debt – quite large in international terms • Trend in private debt – steadily increasing through financing of the balance of payments deficit on current account
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Debt to GDP – international comparisons (%) Japan Greece Italy Belgium Ireland United States Portugal
220 143 119 97 94 94 93
Canada Germany United Kingdom Spain Czech Republic New Zealand Australia
83 83 77 61 38 32 26
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Could New Zealand face a further downgrade Yes! Costs (in terms of higher interest rates) might not be too severe But interest costs also depend on the credit ratings of the banks Risk is of a sudden stop – much higher interest rates and a severe decline in the value of the New Zealand dollar 8
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Thank you for your continued support and partnership in our Naquag learning community! âRead-A-Thonâ Pajama Day (Friday, November 6th). To celebrate our ...
Nov 8, 2016 - All submissions should be emailed to .... All students, whether or not they purchase a pumpkin, will receive a cup of apple juice and a treat.
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all their hard work and dedication over the past two years. ... Similarly, we request that you do not block the entrance to our neighbours' driveways or ... We have a list of questions prepared for him! ... The characters are both scary and funny.
all their hard work and dedication over the past two years. It is much appreciated. .... the 'Ugly Animal Show' which was really interesting. They learned all about ...
and top contributing grade-level classrooms will be posted on the Naquag website the first week of November. Thank you for your continued support and ...
Nov 22, 2016 - the beneficent author of all the good that was, that is, or that will be; that ... such a degree of temporal prosperity as He alone knows to be best.
the eighth graders off in good fashion this year with a fun win against Brooklawn followed by treats made by parents and coaches. Thank you. for a great year, ...
For questions regarding the material in this book, contact Brian Mull. ... To schedule a workshop or mini conference with the November Learning. Team ... advantage of this potential to enhance the way we teach and students learn. ..... In this sectio
software. They are creating and publishing podcasts and video. Their work is being questioned and ...... Garageband - http://www.apple.com/ilife/garageband/.
kilometer, and other technical details, and expertly fielded the many questions from ... topic to a particular audience, from a group of school chil- dren to the Federal ... large grants and accumulating publications in high impact factor journals, i
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Reading. In November, we will continue to work on Informational texts. (Non Fiction). The children will be exploring many texts and learning comprehension strategies that meet the new common core standards. Please read with your child each evening an
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