Moody's Ratings revised its outlook on New Zealand's 'Aaa' sovereign rating to 'negative' from 'stable' on April 22, 2026, citing increased risks to the country's fiscal trajectory. The agency said that global economic and geopolitical uncertainty present downside risks to growth, while inflation pressures also persist, including fuel price increases, stubborn non-tradable housing costs and utility prices, and higher electricity costs. It added that the potential for a combination of tighter monetary policy, slower short-term growth, and increased debt-servicing costs may further delay fiscal consolidation, after recent shocks have increased the debt burden and weakened debt affordability. Standard & Poor's credit rating for New Zealand stands at AA+ with stable outlook. DBRS' credit rating for New Zealand was last reported at AAA with stable outlook.