Don't worry about Fitch ratings - Key

Prime Minister John Key is talking down the importance of a ratings agency that revised its outlook for New Zealand's credit rating from stable to negative last week.

The Fitch agency said the country was living beyond its means and households needed to save more.

It maintained the rating at AA plus but said a continuing deterioration in New Zealand's net external debt and liability position would likely lead to a downgrade.

Key said the issues Fitch raised were ones the government was aware of and was trying to fix.

"In the case of Standard & Poor's and Moody's they tend to be the main ratings agency," he told Newstalk ZB today.

"Fitch is sort of off to one side."

Key said the problems of New Zealand importing more than it exported and owing too much to foreign lenders were well known.

"We do need to get on top of that and listen to Fitch but really the main ratings agencies are Moody's and Standard & Poor's."

Those agencies are holding positive outlooks.

NZPA