New Zealand Post Credit Rating

New Zealand Post welcomed Standard & Poor's announcement today that it had affirmed Post's AA- credit rating.

New Zealand Post Chief Financial Officer Nazir Awan says the rating confirmed the Company's strong business position and the strategies it has in place.

"We welcome Standard & Poor's assessment, which is consistent with New Zealand Post's own view of the underlying strength of the business.

"In affirming the rating, Standard & Poor's has recognised New Zealand Post's clear market leadership in competitive areas such as the courier, parcel and direct-mail marketing markets. It also acknowledges New Zealand Post's high degree of customer satisfaction and competitive pricing.

The rating for New Zealand Post is unchanged since February 2001 when shareholder approval to make an investment in banking was granted.

New Zealand Post has recently reported a half year profit of $16 million which took into account the rising underlying costs of the business and Kiwibank implementation.

"New Zealand Post remains confident that in the longer term the bank will add significant value for our shareholders," said Mr Awan.

ENDS

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