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NZD hits 34-month high, as NZ becomes the first developed country with investment-grade debt to receive a credit rating upgrade since COVID-19 hit
The New Zealand dollar rose to a 34-month high against the US on Monday afternoon, as Standard and Poor’s Global Ratings raised New Zealand’s sovereign credit rating. The New Zealand dollar peaked at 73.4 US cents on Monday afternoon - the highest it’s been since April 2018. The uptick followed S&P lifting New Zealand’s foreign currency rating to AA+ from AA, and its local currency rating to AAA from AA+. The outlook is stable. The changes make New Zealand the first developed country with investment-grade debt to receive an upgrade since COVID-19 hit. S&P noted New Zealand is recovering quicker from COVID-19 ... (full story)