Fitch Ratings revised its outlook on New Zealand's 'AA+' sovereign rating to 'negative' from 'stable' on March 20, 2026, citing growing difficulties in debt reduction. The agency noted that the general government debt-to-GDP ratio has grown substantially over the past six years amid a series of economic shocks and delayed fiscal consolidation. The Iran war adds further risks, potentially affecting the economy through energy import dependence, inflationary pressures, and broader global weakness. Fitch anticipates gross government debt rising to 56% of GDP in FY27 from 53.6% in FY25, and not falling back to the FY25 level before FY30. This is well above the outer-year FY27 projection of 36.1% that underpinned New Zealand’s 2022 upgrade. S&P's credit rating for New Zealand stands at AA+ with stable outlook. Moody's credit rating for New Zealand was last set at Aaa with stable outlook. DBRS' credit rating for New Zealand was last reported at AAA with stable outlook.