New Zealand needs to attract more foreign investment and reduce the nation's reliance on commodity exports for economic growth to win a top-grade AAA rating from ratings agency Standard & Poor's.
The AA+ foreign-currency rating was affirmed on Friday by S&P. The outlook on the rating, S&P's second-highest, is stable.The rating was supported by stable economic policies and the Government's low level of debt, S&P said.
Before the credit rating could be upgraded, the Government needed to attract foreign investment to broaden the economy so it could better deal with global economic slumps, said Ping Chew, S&P's primary analyst for New Zealand.
