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 |
|---|---|---|---|---|---|---|
| 22 Dec 2025 | IFT IFT Infratil Limited | S&P Global Ratings | assigned | -- | BBB+ | stable |
| 18 Dec 2025 |
Credit rating coverage and quality by NZX sector
| Sector | Companies Rated | Investment Grade | IG % | Ratings |
|---|---|---|---|---|
| Utilities | 4 | 4 / 4 | 100% | BBB+ |
| Financials | 4 | 3 / 4 | 75% | AA-A-BB |
| Industrials |
Unified analyst consensus — target prices, guidance accuracy, earnings expectations across the NZX.
8-factor beat/miss probability model — guidance accuracy, management tone, insider alignment.
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.
| long-term |
| 27 May 2024 |
ANZ ANZANZ Group Holdings Limited | Moody's Investors Service | Aa2 | stable | upgraded | long-term | 6 Mar 2024 |
ANZ ANZANZ Group Holdings Limited | S&P Global Ratings | A- | stable | upgraded | long-term | 3 Apr 2024 |
CNU CNUChorus Limited | Moody's Investors Service | Baa2 | stable | affirmed | long-term | 3 Jul 2018 |
CNU CNUChorus Limited | S&P Global Ratings | BBB | positive | affirmed | long-term | 11 Nov 2025 |
DOW DOWDowner EDI Limited | Fitch Ratings | BBB | stable | affirmed | long-term | 12 May 2024 |
FBU FBUFletcher Building | Moody's Investors Service | Baa3 | stable | affirmed | long-term | 24 Jul 2025 |
FCG FCGFonterra Co-operative Group Limited | Fitch Ratings | A | stable | affirmed | long-term | 5 Feb 2021 |
FSF FSFFonterra Shareholders' Fund | Fitch Ratings | A | stable | affirmed | long-term | 5 Feb 2021 |
GEN GENGeneral Capital Limited | Equifax | BB- | positive | upgraded | long-term | 25 Oct 2022 |
GEN GENGeneral Capital Limited | Equifax Australasia Credit Rating Pty Ltd | BB | positive | affirmed | long-term | 18 Dec 2025 |
GEN GENGeneral Capital Limited | Equifax Australasia Credit Ratings Pty Limited | BB- | positive | assigned | long-term | 16 Sept 2019 |
GEN GENGeneral Capital Limited | Equifax Australasia Credit Ratings Pty Ltd | BB- | stable | affirmed | long-term | 19 Sept 2021 |
GNE GNEGenesis Energy Limited | S&P Global Ratings | BBB+ | Stable | affirmed | long-term | 19 Dec 2019 |
GMT GMTGoodman Property Trust | S&P Global Ratings | BBB | stable | affirmed | long-term | 20 Oct 2025 |
GMT GMTGoodman Property Trust | Standard & Poor's | BBB | stable | affirmed | long-term | 18 Sept 2023 |
IFT IFTInfratil Limited | S&P Global Ratings | BBB+ | stable | assigned | long-term | 22 Dec 2025 |
KPG KPGKiwi Property | S&P Global Ratings | BBB | Stable | affirmed | long-term | 1 Dec 2025 |
MCY MCYMercury NZ Limited | S&P Global Ratings | BBB+ | Stable | affirmed | long-term | 21 Sept 2025 |
MEL MELMeridian Energy Limited | S&P Global Ratings | BBB+ | Stable | affirmed | long-term | 17 Jul 2025 |
MEL MELMeridian Energy Limited | Standard & Poor's | BBB+ | Stable | affirmed | long-term | 5 Jul 2019 |
POT POTPort of Tauranga Limited | Standard & Poor's | A- | stable | upgraded | long-term | 27 Aug 2019 |
SKC SKCSkyCity Entertainment Group Limited | S&P Global Ratings | BBB- | stable | affirmed | long-term | 30 Jun 2024 |
SPK SPKSpark New Zealand Limited | S&P Global Ratings | A- | negative | revised | long-term | 5 Mar 2025 |
TWR TWRTower Limited | AM Best | A- | stable | affirmed | long-term | 27 Apr 2025 |
WBC WBCWestpac Banking Corporation | Fitch Ratings | AA- | stable | upgraded | long-term | 27 May 2024 |
WBC WBCWestpac Banking Corporation | Moody's Investors Service | Aa2 | stable | upgraded | long-term | 6 Mar 2024 |
WBC WBCWestpac Banking Corporation | S&P Global Ratings | a+ | stable | upgraded | long-term | 3 Apr 2024 |
| Equifax Australasia Credit Rating Pty Ltd |
| affirmed |
| -- |
| BB |
| positive |
| 1 Dec 2025 | KPG KPG Kiwi Property | S&P Global Ratings | affirmed | BBB | BBB | Stable |
| 11 Nov 2025 | CNU CNU Chorus Limited | S&P Global Ratings | affirmed | BBB | BBB | positive |
| 20 Oct 2025 | GMT GMT Goodman Property Trust | S&P Global Ratings | affirmed | -- | BBB | stable |
| 21 Sept 2025 | MCY MCY Mercury NZ Limited | S&P Global Ratings | affirmed | -- | BBB+ | Stable |
| 24 Jul 2025 | FBU FBU Fletcher Building | Moody's Investors Service | affirmed | -- | Baa3 | stable |
| 21 Jul 2025 | GEN GEN General Capital Limited | Equifax Australasia Credit Rating Pty Ltd | affirmed | -- | BB | stable |
| 17 Jul 2025 | MEL MEL Meridian Energy Limited | S&P Global Ratings | affirmed | -- | BBB+ | Stable |
| 27 Apr 2025 | TWR TWR Tower Limited | AM Best | affirmed | -- | A- | stable |
| 5 Mar 2025 | SPK SPK Spark New Zealand Limited | S&P Global Ratings | revised | -- | A- | negative |
| 17 Dec 2024 | GEN GEN General Capital Limited | Equifax Australasia Credit Rating Pty Ltd | affirmed | -- | BB | stable |
| 5 Dec 2024 | MCY MCY Mercury NZ Limited | S&P Global Ratings | affirmed | -- | BBB+ | Stable |
| 1 Dec 2024 | GMT GMT Goodman Property Trust | S&P Global Ratings | affirmed | -- | BBB | stable |
| 26 Sept 2024 | FBU FBU Fletcher Building | Moody's Investors Service | affirmed | Baa3 | Baa3 | stable |
| 25 Jul 2024 | GEN GEN General Capital Limited | Equifax Australasia Credit Rating Pty Ltd | affirmed | -- | BB | stable |
| 19 Jul 2024 | MEL MEL Meridian Energy Limited | S&P Global Ratings | affirmed | -- | BBB+ | Stable |
| 30 Jun 2024 | SKC SKC SkyCity Entertainment Group Limited | S&P Global Ratings | affirmed | -- | BBB- | stable |
| 4 Jun 2024 | FBU FBU Fletcher Building | Moody's Investors Service | downgraded | Baa2 | Baa3 | negative |
| 27 May 2024 | ANZ ANZ ANZ Group Holdings Limited | Fitch Ratings | upgraded | A+ | AA- | stable |
| 3 |
| 3 / 3 |
100% |
A-Baa1BBB |
| 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- |
