(RTTNews) - New Zealand’s foreign currency debt outlook has been downgraded by Standard & Poor’s to “negative.”

The outlook could result in a downgrade to New Zealand’s current AA+ credit rating, S&P said, if the country’s current account deficit and overseas debt begin to hurt growth and investment.

The agency also said the foreign currency rating will depend on the next budget presented by the Government, which is due in May.

“The negative outlook on the foreign currency rating reflects the likelihood of a rating downgrade if external imbalances begin to pressure the country’s investment, growth, and fiscal performance,” S&P’s Analyst Kyran Curry said.

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