trending Market Intelligence /marketintelligence/en/news-insights/trending/-7HM8FzYcdL2yun7C4UR3g2 content esgSubNav
In This List

S&P affirms Housing New Zealand's ratings

Blog

Using ESG Analysis to Support a Sustainable Future

Video

S&P Capital IQ Pro | Powered by Expert Insights

Blog

Q&A: Streamlining Analytics for TCFD Reporting

Blog

Evergrande and the wider impact: a sentiment analytics based perspective


S&P affirms Housing New Zealand's ratings

S&P Global Ratings affirmed Housing New Zealand Ltd.'s AA+/A-1+ local-currency and AA/A-1+ foreign-currency issuer credit ratings, with a positive outlook.

The affirmation reflects the rating agency's view that Housing New Zealand Ltd. will not be substantially affected by the organizational restructuring of its parent Housing New Zealand Corp. on Oct. 1. The parent's former activities are being subsumed under a new entity, Kainga Ora-Homes and Communities. The ratings also take into account S&P's view that Housing New Zealand Ltd.'s sole owner, the New Zealand government, will provide extraordinary support if needed.

S&P considers Housing New Zealand's liquidity position as strong, with a forecast for cash generated from continuing operations of NZ$324 million and cash and liquid investments of NZ$671 million during the 2018-2019 financial year. The agency assessed the company's stand-alone credit profile at "aa".

As the country's largest residential landlord, Housing New Zealand Ltd. owns and manages around 65,500 properties housing more than 187,000 people.

As of Sept. 30, US$1 was equivalent to NZ$1.60.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings. Descriptions in this news article were not prepared by S&P Global Ratings.