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Fitch Affirms New Zealand's Four Major Banks
Fitch Ratings has affirmed the ratings of New Zealand's four major banks: - ANZ Bank New Zealand Limited (ANZNZ), wholly owned by Australia and New Zealand Banking Group Limited (AA-/Stable); - ASB Bank Limited (ASB), wholly owned by Commonwealth Bank of Australia (AA-/Negative); - Bank of New Zealand (BNZ), wholly owned by National Australia Bank Limited (AA-/Stable); and - Westpac New Zealand Limited (WNZL), wholly owned by Westpac Banking Corporation (AA-/Stable). The Outlook on ASB's Long-Term Issuer Default Rating (IDR) is Negative and that for the remaining banks is Stable. A full list of rating actions can be ... (full story)