Fitch Rating affirmed New Zealand with a long-term foreign-currency issuer default rating (IDR) of "AA" while maintaining a stable outlook, according to an Aug.17 statement by the agency.

The affirmation highlights the country's advanced and wealthy economy, high governance standards and robust policy framework, and declining debt.

The country's commitment to prudent fiscal policies and interest rate cuts. The central government's deposits and an expanding gross domestic product also add to the rating.

In the same filing, Fitch flagged regulatory risks from a confidence fall in declining debt, weak external financing, and economic or banking sector stressors.