Fitch affirms New Zealand's AA rating, stable outlook

Fitch Ratings has affirmed New Zealand's sovereign credit rating at AA with a stable outlook. 

Ratings are underpinned by very high governance standards, the agency said, while adding that New Zealand's high net external debt and elevated levels of household debt are key weaknesses for credit profile. 

Key points

House price growth likely to be moderate.

RBNZ will maintain a relatively accommodative stance and will not raise rates until 2020.