S&P Credit Rating Upgrade of PPS

Exchange announcement 4 April 2024 S&P credit rating upgrade of PPS Bank of New Zealand (BNZ) notes that S&P Global Ratings (S&P) has upgraded BNZ's perpetual preference shares (PPS) rating from BBB to BBB+. This upgrade reflects the one-notch upgrade in the stand-alone credit profile of BNZ's ultimate parent, National Australia Bank Limited, from 'a' to 'a+'. The 'AA-' long-term and 'A-1+' short-term issuer credit ratings and the 'stable' outlook for BNZ remain unchanged. Ends For further information, please contact: May Zhang, Treasurer, BNZ T. 09-924-9203, E. may_zhang@bnz.co.nz End CA:00429010 For:BNZ Type:CREDIT Time:2024-04-04 09:08:46