22 Aug 2008

KiwiBank rating raised by agency

6:23 am on 22 August 2008

Standard & Poor's ratings service has revised the rating outlook on KiwiBank to stable, from negative.

That follows a similar rating action on the bank's parent, New Zealand Post.

Standard & Poor's says KiwiBank's overall credit quality is modest, underpinned by its small market position, an unseasoned loan portfolio in a very competitive market and challenging economy, and moderate profitability.