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Moody's Assigns Aaa Deposit Rating To Public Trust

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Fuseworks Media
Fuseworks Media
Moody's Assigns Aaa Deposit Rating To Public Trust

Sydney - Moody's Investors Service has today assigned a backed long-term deposit rating of Aaa to Public Trust.

RATINGS RATIONALE

The backed Aaa rating reflects the fact that deposits of Public Trust are guaranteed by the New Zealand Government. The outlook for the backed rating is stable, in line with that of the New Zealand government.

Capital monies received by Public Trust -- which would include deposits -- form part of a "Common Fund" and are guaranteed by the New Zealand Government under section 52 of the Public Trust Act 2001. Interest earned on capital is guaranteed under section 65ZD of the Public Finance Act 1989.

The last rating action was on 31 August 2010, when a first--time, long-term issuer rating of Aa3 was assigned to Public Trust.

The principal methodology used in rating Public Trust was Government-Related Issuers: Methodology Update rating methodology published in July 2010. Other methodologies and factors that may have been considered in the process of rating this issuer can also be found on Moody's website.

Public Trust is headquartered in Wellington, New Zealand. It reported assets of NZ$980million (approximately US$713million) at 31 December 2009.

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