Moody’s assigns top Aaa credit rating to Kāinga Ora – Homes and Communities
13 November 2019
Moody’s Investors Service (Moody’s) has assigned the highest-possible Aaa credit ratings to Kāinga Ora – Homes and Communities and its key subsidiary Housing New Zealand Limited (HNZL).
The Aaa ratings apply to both long-term local currency and long-term foreign currency ratings for both entities and makes Kāinga Ora the only New Zealand organisation or entity other than the Government to have such ratings.
The top credit rating was awarded based on Kāinga Ora’s and HNZL’s key role in the provision of public housing in New Zealand and the very strong institutional links of Kāinga Ora and HNZL to the Crown.
"Today’s announcement reinforces the critical role we play in providing public housing and support for the thousands of New Zealanders living in our homes, ‘’ says Matthew Needham, Kāinga Ora Deputy Chief Executive – Finance
‘’The ratings also take into account the need to deliver an increasing amount of public housing of which Kāinga Ora, alongside our Government and community partners, plays a key role.’’
Moody’s credit perspective is outlined in the report, noting “Because of its public policy mandate, Kāinga Ora’s and HNZL's key role in the New Zealand social housing sector and government oversight, there is no meaningful distinction between Kāinga Ora, HNZL and the Crown from a credit perspective”.
Mr Needham says the rating sends a strong signal to the market around the credit strength of the Issuer, HNZL, and its parent Kāinga Ora.
Page updated: 13 November 2019