Photo / Getty ImagesNew Zealand's sovereign currency ratings have been raised by international agency S&P on the basis of a stronger-than-expected recovery. The kiwi dollar rallied on the news to a 34-month high at US73.38c. It has raised its foreign currency sovereign ratings to AA+/A-1+ from AA/A-1+ and its local currency sovereign ratings to AAA/A-1+ from AA+/A-1+. "While downside risks persist, such as another outbreak, we expect New Zealand's fiscal indicators to recover during the next few years," the report said. But overall "New Zealand's monetary flexibility, wealthy economy, and institutions are conducive to swift and decisive policy actions and offset the country's external imbalances."

Source: New Zealand Herald February 22, 2021 02:45 UTC