Ratings agency Standard & Poor's says the leaky buildings saga may have to be factored into New Zealand's future creditworthiness.
The agency wants more details about any government bailout for homeowners and councils before assessing the impact on the country's credit rating.
At present, New Zealand has a AA+ rating.
The Government has estimated the cost of fixing leaky buildings at $11 billion and last year offered to cover 10% of the cost and guarantee the loans of some homeowners.
That was rejected by councils, and the Government is due to make another offer soon.
Standard & Poor's says the Government's books are in relatively good shape now, but more details are needed of the cost involved before a rating downgrade can be ruled out.