Standard & Poor's Global Ratings raised on February 21st 2021 New Zealand's sovereign rating to AA+ from AA and changed its outlook to stable from positive, citing faster-than-expected economic recovery. The agency noted that the country has recovered faster than most advanced economies because it has contained Covid-19 better than most others. As such, S&P now believes that the government's credit metrics can withstand potential damage from negative shocks to the economy, including a possible weakening of the real estate market. The agency also said that despite downside risks persist, such as another outbreak, it expects New Zealand’s fiscal indicators to recover during the next few years. Moody's credit rating for New Zealand was last set at Aaa with a stable outlook. Fitch's credit rating for New Zealand was last reported at AA with a positive outlook. In general, a credit rating is used by sovereign wealth funds, pension funds and other investors to gauge the credit worthiness of New Zealand thus having a big impact on the country's borrowing costs. This page includes the government debt credit rating for New Zealand as reported by major credit rating agencies.