New Zealand Rating Outlook Cut to Negative by Fitch on Debt

New Zealand’s credit rating outlook was cut to negative by Fitch Ratings on concern it will take longer than expected to rein in government debt.

“A substantial debt reduction is becoming more difficult to envisage, as fiscal consolidation has been delayed in the past few years,” Fitch said in a statement, while affirming the country’s AA+ rating. “The general government debt-GDP ratio has increased substantially over the past six years as the economy has been buffeted by a number of shocks.”