International rating agency Standard & Poor's declared keeping the New Zealand's rating unchanged and saved a stable outlook. Rating of the country at the moment in a foreign currency is "AA". It is worth noting that despite the steady growth and fiscal consolidation, the trade deficit of New Zealand has grown to 692 million with an expected 475 million. At the same time, the risk to the economy is the high dependence on the Chinese economy which growth rate is slowing.
We expect continued the descending movement of the price of the New Zealand dollar, but the downside potential is small.