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Credit ratings for NZX-listed companies from S&P, Moody's, Fitch, and AM Best. Track upgrades, downgrades, and outlook changes across New Zealand corporate issuers.
Latest credit rating per issuer and agency, deduplicated to show only the most recent assessment
Number of NZX companies at each credit rating level (latest rating per issuer, normalized to S&P scale)
Latest credit rating changes across NZX-listed issuers
| Date | Company | Agency | Action | Previous | Current | Outlook |
|---|---|---|---|---|---|---|
| 27 Apr 2026 |  TWR Tower Limited | AM Best | affirmed | -- | A- | stable |
| 24 Apr 2026 |
Credit rating coverage and quality by NZX sector
| Sector | Companies Rated | Investment Grade | IG % | Ratings |
|---|---|---|---|---|
| Financials | 4 | 3 / 4 | 75% | AA-A-BB |
| Industrials | 4 | 4 / 4 | 100% | A-Baa1 |
Unified analyst consensus — target prices, guidance accuracy, earnings expectations across the NZX.
9-factor beat/miss probability model — guidance, tone, historical patterns, analyst consensus.
Predicted HY/FY reporting dates for all NZX companies based on historical patterns.
Data sourced from NZX company announcements and credit rating agency publications. Our datasets may not be complete. Automated analysis can produce errors. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz.
For informational purposes only. Not investment advice.
| Fitch Ratings |
| AA- |
| stable |
| upgraded |
| long-term |
| 27 May 2024 |
 ANZANZ Group Holdings Limited | Moody's Investors Service | Aa2 | stable | upgraded | long-term | 6 Mar 2024 |
ANZANZ Group Holdings Limited | S&P Global Ratings | A- | stable | upgraded | long-term | 3 Apr 2024 |
 AIAAuckland International Airport Limited | S&P Global Ratings | A- | stable | affirmed | long-term | 17 Jun 2020 |
CNUChorus Limited | Moody's Investors Service | Baa2 | stable | affirmed | long-term | 3 Jul 2018 |
CNUChorus Limited | S&P Global Ratings | BBB | positive | affirmed | long-term | 11 Nov 2025 |
 DOWDowner EDI Limited | Fitch Ratings | BBB | stable | affirmed | long-term | 12 May 2024 |
 FBUFletcher Building | Moody's Investors Service | Baa3 | stable | affirmed | long-term | 24 Jul 2025 |
 FCGFonterra Co-operative Group Limited | Fitch Ratings | A | stable | affirmed | long-term | 5 Feb 2021 |
FSFFonterra Shareholders' Fund | Fitch Ratings | A | stable | affirmed | long-term | 5 Feb 2021 |
 GENGeneral Capital Limited | Equifax | BB- | positive | upgraded | long-term | 25 Oct 2022 |
GENGeneral Capital Limited | Equifax Australasia Credit Rating Pty Ltd | BB | positive | affirmed | long-term | 18 Dec 2025 |
GENGeneral Capital Limited | Equifax Australasia Credit Ratings Pty Limited | BB- | positive | assigned | long-term | 16 Sept 2019 |
GENGeneral Capital Limited | Equifax Australasia Credit Ratings Pty Ltd | BB- | stable | affirmed | long-term | 19 Sept 2021 |
 GNEGenesis Energy Limited | S&P Global Ratings | BBB+ | Stable | affirmed | long-term | 19 Dec 2019 |
 GNZGoodman NZ | S&P Global Ratings | BBB | stable | assigned | long-term | 7 Apr 2026 |
GNZGoodman NZ | Standard & Poor's | BBB | stable | affirmed | long-term | 18 Sept 2023 |
 IFTInfratil Limited | S&P Global Ratings | BBB+ | stable | assigned | long-term | 22 Dec 2025 |
 KPGKiwi Property | S&P Global Ratings | BBB | Stable | affirmed | long-term | 1 Dec 2025 |
 MCYMercury NZ Limited | S&P Global Ratings | BBB+ | Stable | affirmed | long-term | 21 Sept 2025 |
 MELMeridian Energy Limited | S&P Global Ratings | BBB+ | Stable | affirmed | long-term | 17 Jul 2025 |
MELMeridian Energy Limited | Standard & Poor's | BBB+ | Stable | affirmed | long-term | 5 Jul 2019 |
 POTPort of Tauranga Limited | Standard & Poor's | A- | stable | upgraded | long-term | 27 Aug 2019 |
 SKCSkyCity Entertainment Group Limited | S&P Global Ratings | BBB- | stable | affirmed | long-term | 30 Jun 2024 |
 SPKSpark New Zealand Limited | S&P Global Ratings | A- | negative | revised | long-term | 5 Mar 2025 |
TWRTower Limited | AM Best | A- | stable | affirmed | long-term | 27 Apr 2026 |
 WBCWestpac Banking Corporation | Fitch Ratings | AA- | stable | upgraded | long-term | 27 May 2024 |
WBCWestpac Banking Corporation | Moody's Investors Service | Aa2 | stable | upgraded | long-term | 6 Mar 2024 |
WBCWestpac Banking Corporation | S&P Global Ratings | a+ | stable | upgraded | long-term | 3 Apr 2024 |
| Moody's Investors Service |
| affirmed |
| -- |
| Baa1 |
| negative |
| 7 Apr 2026 | GNZ Goodman NZ | S&P Global Ratings | assigned | -- | BBB | stable |
| 22 Dec 2025 | IFT Infratil Limited | S&P Global Ratings | assigned | -- | BBB+ | stable |
| 18 Dec 2025 | GEN General Capital Limited | Equifax Australasia Credit Rating Pty Ltd | affirmed | -- | BB | positive |
| 1 Dec 2025 | KPG Kiwi Property | S&P Global Ratings | affirmed | BBB | BBB | Stable |
| 11 Nov 2025 | CNU Chorus Limited | S&P Global Ratings | affirmed | BBB | BBB | positive |
| 20 Oct 2025 | GNZ Goodman NZ | S&P Global Ratings | affirmed | -- | BBB | stable |
| 21 Sept 2025 | MCY Mercury NZ Limited | S&P Global Ratings | affirmed | -- | BBB+ | Stable |
| 24 Jul 2025 | FBU Fletcher Building | Moody's Investors Service | affirmed | -- | Baa3 | stable |
| 21 Jul 2025 | GEN General Capital Limited | Equifax Australasia Credit Rating Pty Ltd | affirmed | -- | BB | stable |
| 17 Jul 2025 | MEL Meridian Energy Limited | S&P Global Ratings | affirmed | -- | BBB+ | Stable |
| 27 Apr 2025 | TWR Tower Limited | AM Best | affirmed | -- | A- | stable |
| 5 Mar 2025 | SPK Spark New Zealand Limited | S&P Global Ratings | revised | -- | A- | negative |
| 17 Dec 2024 | GEN General Capital Limited | Equifax Australasia Credit Rating Pty Ltd | affirmed | -- | BB | stable |
| 5 Dec 2024 | MCY Mercury NZ Limited | S&P Global Ratings | affirmed | -- | BBB+ | Stable |
| 1 Dec 2024 | GNZ Goodman NZ | S&P Global Ratings | affirmed | -- | BBB | stable |
| 26 Sept 2024 | FBU Fletcher Building | Moody's Investors Service | affirmed | Baa3 | Baa3 | stable |
| 25 Jul 2024 | GEN General Capital Limited | Equifax Australasia Credit Rating Pty Ltd | affirmed | -- | BB | stable |
| 19 Jul 2024 | MEL Meridian Energy Limited | S&P Global Ratings | affirmed | -- | BBB+ | Stable |
| Utilities | 4 | 4 / 4 | 100% | BBB+ |
| Real Estate | 2 | 2 / 2 | 100% | BBB |
| Communication Services | 2 | 2 / 2 | 100% | A-BBB |
| Consumer Staples | 2 | 2 / 2 | 100% | A |
| Materials | 1 | 1 / 1 | 100% | Baa3 |
| Consumer Discretionary | 1 | 1 / 1 | 100% | BBB- |