Ratings agency Standard and Poor's said it would 'equalise' the credit ratings on government guaranteed wholesale bonds issued by New Zealand banks with the government's AAA rating. Standard and Poor's said it expected the documents on wholesale debt guaranteed by the New Zealand government to detail the duration of any applicable grace period for payment, provisions preventing amendments or variations of issue terms and conditions without consent, provisions for the appointment of a trustee. * This article was first published yesterday in our daily subscription newsletter for the banking and finance industries. The email costs NZ$365 per annum and carries exclusive news and analysis for New Zealand banking and finance industry executives, regulators and investors. Sign up for a free trial here.
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