New Zealand's Credit Outlook Downgraded, Government Bond Yields Hit One-Year High

2026-03-22 22:46:02

Fitch Ratings downgraded New Zealand’s AA+ outlook to negative, causing the country’s government bond yields to rise to nearly a one-year high. On Monday morning local time, the 10-year government bond yield rose to 4.83%; the 2-year yield reached 3.69%, and the New Zealand dollar declined against the US dollar.

Fitch stated that due to slow progress in fiscal consolidation over the past few years, significantly reducing debt has become increasingly difficult. It is expected that the debt-to-GDP ratio will continue to rise, potentially reaching 56% by fiscal year 2027.

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