LGFA Credit Ratings Raised by S&P Global Ratings to AA+/AAA

NZX Announcement
22 February 2021

LGFA CREDIT RATINGS RAISED BY S&P GLOBAL RATINGS to AA+/AAA

On 22 February 2021, S&P Global Ratings raised their long-term ratings on New Zealand to 'AA+' foreign-currency (FC) and 'AAA' local-currency (LC) and affirmed the short-term ratings at 'A-1+'.

S&P Global Ratings have subsequently raised the long-term FC rating on LGFA to 'AA+' and long-term LC rating to 'AAA', with a stable outlook.

This reflects the view by S&P Global Ratings that there is an extremely high likelihood the New Zealand government would provide LGFA with extraordinary support in a stress scenario, if needed.

A copy of the S&P Research Update is available here>>

ENDS

Released on behalf of NZ Local Government Funding Agency Limited by Mark Butcher, Chief
Executive.

Telephone +64 4 974 6744
Email mark.butcher@lgfa.co.nz
Website lgfa.co.nz

22 Feb 2021