Fitch Ratings downgraded New Zealand's sovereign credit rating outlook to a negative level due to market concerns that the country's process of controlling government debt will take longer than expected. Fitch said that in the past six years, the New Zealand economy has been affected by multiple shocks, and the overall government debt as a share of GDP has risen sharply. New Zealand Finance Minister Nicola Willis said that Fitch's downgrading outlook “once again reminds us why fiscal discipline is so important,” and stated that the government remains committed to achieving the three major fiscal goals.

Fitch Ratings downgraded New Zealand's sovereign credit rating outlook to a negative level due to market concerns that the country's process of controlling government debt will take longer than expected. Fitch said that in the past six years, the New Zealand economy has been affected by multiple shocks, and the overall government debt as a share of GDP has risen sharply. New Zealand Finance Minister Nicola Willis said that Fitch's downgrading outlook “once again reminds us why fiscal discipline is so important,” and stated that the government remains committed to achieving the three major fiscal goals.