Kiwibank's credit rating has remained the same at AA- following a review by Standard & Poors.
The international credit rating agency has changed its criteria for evaluating the financial soundness of lenders, which resulted in a downgrade of New Zealand's major banks, though they remain AA rated.
But Kiwibank's perpetual callable non-cumulative preference shares issued by Kiwi Capital Securities has dropped one notch from BBB to BB.
