RTTNews - New Zealand's Finance Minister Bill English said Friday that positive news from the two rating agencies including Moody's Investor Services and Standard & Poor reflects the Budget's credible and balanced approach to helping the people through the recession.

English said the rating actions acknowledged that the Budget strikes the right balance between supporting New Zealanders through the recession in the short-term, and putting in place a credible fiscal and economic plan for the medium to long-term.

Budget 2009 delivers on both those scores - but more importantly it takes the first steps down the road to recovery, the Minister said.

Thursday, Standard and Poor lifted its negative outlook on New Zealand's 'AA+' foreign currency rating, while Moody's said the country's Aaa rating, currently on a stable outlook, was not immediately affected by the projected debt path.

For comments and feedback: contact editorial@rttnews.com