The Reserve Bank of New Zealand has issued a consultation paper to non-banks proposing a credit ratings system that would see them adopt long term, local issuer credit ratings from March 1, 2010. "In specifying local currency, long term, issuer ratings for deposit takers, the proposal in this paper is deliberate in preserving flexibility for other ratings to be used (in addition) by deposit takers according to their business needs. Such other ratings could, for example, include short term, issue, or foreign currency ratings," the Reserve Bank said. Submissions are required by March 9. * 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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