Credit Ratings of New Zealand Banks, Insurers and Investment Providers
Published 06 October 2026 · Written by the ValueHub team · Reviewed by Steve Baron
Credit Ratings of New Zealand Banks, Insurers and Investment Providers
Every organisation in New Zealand you can hand your money to, in one table — and what the rating agencies actually say about each one.
What a Credit Rating Actually Tells You
When you put money somewhere in New Zealand, one of two things is keeping it safe. The first is the government. Since 1 July 2025 the Depositor Compensation Scheme has stood behind up to $100,000 per person, per institution, if a bank or a licensed deposit taker fails.
The second is the institution's own balance sheet. A credit rating is simply a professional opinion on how likely that balance sheet is to keep its promises. It is the closest thing you get to a second opinion before you hand over your savings.
Here is the problem we kept running into. Almost nobody shows you the whole picture, and a lot of what is shown is misleading once you look closely.
The agencies disagree with each other
ANZ Bank New Zealand is rated AA− by S&P and A+ by Fitch. Same bank, same balance sheet, two different answers. Neither agency is wrong — they are answering a slightly different question, and they weight the parent bank's support differently.
So when a comparison shows you one number and stops there, you are seeing one opinion and being left to assume it is the only one.
Half the numbers out there are not what you think
Search for a fund manager's credit rating and you will often find one. Look at what it actually measures and the picture changes. A cash fund reporting an average credit rating of A+ is telling you where its own money is parked — bank deposits and short-dated corporate paper. It says nothing at all about the manager's own financial strength.
Insurers are judged by a different question again
An insurer's number is not a credit rating in the sense a bank's is. It is an insurer financial strength rating — an opinion on whether the company can pay claims. Different question, different scale, and often a different agency altogether.
AM Best is the agency that specialises in it, and it does not rate banks at all. That is why you will see AM Best ratings through the insurer section below and nowhere else, and why we label the type of rating rather than dropping every number into one column and hoping nobody notices.
The official registers lag, and we have proof
The Reserve Bank's registers are the authority on who is licensed. We use them for that. What they are not good at is being current on ratings — the bank register we read still shows SBS Bank at BBB, months after Fitch upgraded it to BBB+.
That gap is the whole reason we built this the way we did. We take each rating from the institution's own disclosure statement or published rating report, because the issuer is the source of truth. If an institution publishes a rating, we use its number.
How We Researched This Guide
We started with the Reserve Bank registers — registered banks, licensed non-bank deposit takers, licensed insurers, and the list of deposit takers whose accounts are scheme-protected — and read them in full rather than relying on a summary. Then we went to each institution's own disclosure statement or published credit rating report and took the figure from the document.
Where an institution is not required to hold a rating, or simply does not have one, we say so rather than leaving a gap that reads like an oversight. And where an agency does not rate an institution, the cell is left empty — we would rather show you nothing than a number we cannot stand behind.
Registered Banks in New Zealand The banks you can actually walk into. Every one of these is covered by the government's $100,000 Depositor Compensation Scheme.
| Institution | Rating type | S&P | Fitch | Moody's | Equifax | AM Best | Outlook | Govt cover |
|---|---|---|---|---|---|---|---|---|
| ANZ Bank New Zealand | Issuer | AA- | A+ | A1 | — | — | Yes — $100,000 | |
| ASB Bank | Issuer | AA- | AA- | Aa3 | — | — | Yes — $100,000 | |
| Bank of Baroda (New Zealand) | Issuer | — | BBB- | — | — | — | Yes — $100,000 | |
| Bank of China (New Zealand) | Issuer | A | — | A1 | — | — | Yes — $100,000 | |
| Bank of India (New Zealand) | Issuer | — | BBB- | — | — | — | Yes — $100,000 | |
| Bank of New Zealand (BNZ) | Issuer | AA- | A+ | A1 | — | — | Yes — $100,000 | |
| China Construction Bank (New Zealand) | Issuer | — | A | A1 | — | — | Yes — $100,000 | |
| Heartland Bank | Issuer | — | BBB | — | — | — | Yes — $100,000 | |
| ICBC (New Zealand) | Issuer | A | — | A1 | — | — | Yes — $100,000 | |
| Kiwibank | Issuer | — | AA | A1 | — | — | Yes — $100,000 | |
| Rabobank New Zealand | Issuer | A | — | — | — | — | Yes — $100,000 | |
| SBS Bank (Southland Building Society) | Issuer | — | BBB+ | — | — | — | Yes — $100,000 | |
| The Co-operative Bank | Issuer | — | BBB+ | — | — | — | Yes — $100,000 | |
| TSB Bank | Issuer | — | BBB+ | — | — | — | Yes — $100,000 | |
| Westpac New Zealand | Issuer | AA- | A+ | A1 | — | — | Yes — $100,000 |
15 institutions listed.
Overseas Bank Branches Branches of foreign banks, not separate New Zealand companies. These raise wholesale funding rather than taking retail deposits, and they are not covered by the New Zealand scheme.
| Institution | Rating type | S&P | Fitch | Moody's | Equifax | AM Best | Outlook | Govt cover |
|---|---|---|---|---|---|---|---|---|
| ANZ Banking Group Limited | Issuer | AA- | AA- | Aa2 | — | — | Not covered | |
| Bank of China Limited | Issuer | A | A | A1 | — | — | Not covered | |
| China Construction Bank Corporation | Issuer | A | A | A1 | — | — | Not covered | |
| Citibank, N.A. | Issuer | A+ | AA- | Aa3 | — | — | Not covered | |
| Commonwealth Bank of Australia | Issuer | AA- | AA | Aa2 | — | — | Not covered | |
| Coöperatieve Rabobank U.A. | Issuer | A+ | A+ | Aa2 | — | — | Not covered | |
| Industrial and Commercial Bank of China Ltd | Issuer | A | A | A1 | — | — | Not covered | |
| JPMorgan Chase Bank, N.A. | Issuer | AA- | AA | Aa1 | — | — | Not covered | |
| MUFG Bank, Ltd | Issuer | A | A | A1 | — | — | Not covered | |
| The Hongkong and Shanghai Banking Corporation Ltd | Issuer | AA- | AA | Aa3 | — | — | Not covered | |
| Westpac Banking Corporation | Issuer | AA- | AA- | Aa2 | — | — | Not covered |
11 institutions listed.
Licensed Non-Bank Deposit Takers Building societies, credit unions and finance companies. Each figure comes from the institution's own published rating report, so it is as current as the institution's own disclosure.
| Institution | Rating type | S&P | Fitch | Moody's | Equifax | AM Best | Outlook | Govt cover |
|---|---|---|---|---|---|---|---|---|
| Christian Savings | Issuer | — | BB+ | — | — | — | Stable | Yes — $100,000 |
| Finance Direct | Issuer | NCR | NCR | NCR | NCR | NCR | — | Yes — $100,000 |
| First Credit Union | Issuer | — | BB | — | — | — | Stable | Yes — $100,000 |
| General Finance | Issuer | — | — | — | BB | — | Stable | Yes — $100,000 |
| Gold Band Finance | Issuer | — | — | — | BB- | — | Stable | Yes — $100,000 |
| Heretaunga Building Society | Issuer | NCR | NCR | NCR | NCR | NCR | — | Yes — $100,000 |
| Liberty Financial | Issuer | BBB | — | — | — | — | Stable | Yes — $100,000 |
| Mutual Credit Finance | Issuer | — | — | — | B+ | — | Stable | Yes — $100,000 |
| Nelson Building Society | Issuer | — | BB+ | — | — | — | Stable | Yes — $100,000 |
| Oxbury New Zealand | Issuer | NCR | NCR | NCR | NCR | NCR | — | Not yet listed |
| Police and Families Credit Union | Issuer | — | — | — | BB | — | Stable | Yes — $100,000 |
| Unity Credit Union (UnityMoney) | Issuer | — | — | — | B- | — | Positive | Yes — $100,000 |
| Wairarapa Building Society | Issuer | — | BB+ | — | — | — | Stable | Yes — $100,000 |
| Welcome | Issuer | — | — | — | B- | — | Stable | Yes — $100,000 |
| Xceda Finance | Issuer | — | — | — | BB- | — | Stable | Yes — $100,000 |
15 institutions listed.
Licensed Insurers These are financial strength ratings — an opinion on whether the insurer can pay claims. That is a different question from a bank's credit rating, which is why the rating type is labelled. Insurers are not covered by the Depositor Compensation Scheme, because you are not depositing money with them.
| Institution | Rating type | S&P | Fitch | Moody's | Equifax | AM Best | Outlook | Govt cover |
|---|---|---|---|---|---|---|---|---|
| AA Insurance | Insurer financial strength | AA- | — | — | — | — | Not covered | |
| AIA New Zealand | Insurer financial strength | — | AA | — | — | — | Not covered | |
| AIG Insurance New Zealand | Insurer financial strength | A+ | — | — | — | — | Not covered | |
| Aioi Nissay Dowa Insurance Company | Insurer financial strength | A+ | — | — | — | A+ | Not covered | |
| Allianz Australia Insurance | Insurer financial strength | AA- | — | — | — | — | Not covered | |
| American Income Life Insurance Company | Insurer financial strength | — | — | — | — | A | Not covered | |
| Asteron Life | Insurer financial strength | — | A+ | — | — | — | Not covered | |
| Atradius Credito y Caucion | Insurer financial strength | — | — | — | — | A | Not covered | |
| Autosure Insurance | Insurer financial strength | — | — | — | — | B++ | Not covered | |
| Beneficial Insurance | Insurer financial strength | — | — | — | — | B++ | Not covered | |
| Berkshire Hathaway Specialty Insurance Company | Insurer financial strength | AA+ | — | — | — | A++ | Not covered | |
| Booster Assurance | Insurer financial strength | NCR | NCR | NCR | NCR | NCR | Not covered | |
| Chubb Insurance New Zealand | Insurer financial strength | AA- | — | — | — | — | Not covered | |
| Chubb Life Insurance New Zealand | Insurer financial strength | — | — | — | — | A | Not covered | |
| Co-operative Life | Insurer financial strength | — | — | — | — | B++ | Not covered | |
| Compagnie Francaise D'Assurance (Coface) | Insurer financial strength | — | AA- | — | — | A | Not covered | |
| Factory Mutual Insurance Company (FM Global) | Insurer financial strength | A+ | AA | — | — | A+ | Not covered | |
| Fidelity Life Assurance Company | Insurer financial strength | — | — | — | — | A- | Not covered | |
| First American Title Insurance Company of Australia | Insurer financial strength | — | — | — | — | A | Not covered | |
| FMG Insurance | Insurer financial strength | — | — | — | — | A | Not covered | |
| Great Lakes Insurance SE | Insurer financial strength | AA | — | — | — | A+ | Not covered | |
| Hallmark General Insurance Company | Insurer financial strength | NCR | NCR | NCR | NCR | NCR | Not covered | |
| Hallmark Life Insurance Company | Insurer financial strength | BBB+ | — | — | — | — | Not covered | |
| HDI Global Specialty SE | Insurer financial strength | AA | — | — | — | A+ | Not covered | |
| Helia Insurance | Insurer financial strength | A | A | — | — | — | Not covered | |
| IAG New Zealand | Insurer financial strength | AA | — | — | — | — | Not covered | |
| Lloyd’s of London | Insurer financial strength | AA- | AA- | — | — | A+ | Not covered | |
| Medical Insurance Society (MAS) | Insurer financial strength | A | — | — | — | — | Not covered | |
| Medical Life Assurance Society | Insurer financial strength | A | — | — | — | — | Not covered | |
| Mitsui Sumitomo Insurance Company | Insurer financial strength | A+ | — | — | — | A+ | Not covered | |
| Momentum Life | Insurer financial strength | — | — | — | — | B | Not covered | |
| New Zealand Medical Indemnity Insurance | Insurer financial strength | — | — | — | — | B+ | Not covered | |
| nib nz | Insurer financial strength | A | — | — | — | — | Not covered | |
| NorthStandard | Insurer financial strength | A | — | — | — | — | Not covered | |
| Pacific International Insurance | Insurer financial strength | — | — | — | — | B++ | Not covered | |
| Partners Life | Insurer financial strength | — | — | — | — | A | Not covered | |
| Pinnacle Life | Insurer financial strength | — | — | — | — | B+ | Not covered | |
| Police Health Plan | Insurer financial strength | — | — | — | — | A- | Not covered | |
| PPS Mutual | Insurer financial strength | — | — | — | — | B+ | Not covered | |
| Provident Insurance Corporation | Insurer financial strength | — | — | — | — | B+ | Not covered | |
| QBE Insurance (Australia) | Insurer financial strength | AA | AA- | — | — | A | Not covered | |
| QBE Lenders’ Mortgage Insurance | Insurer financial strength | A+ | — | — | — | — | Not covered | |
| Quest Insurance Group | Insurer financial strength | — | — | — | — | B | Not covered | |
| Resolution Life Australasia | Insurer financial strength | — | AA- | — | — | — | Not covered | |
| Resolution Life New Zealand | Insurer financial strength | — | AA- | — | — | — | Not covered | |
| Southern Cross Benefits | Insurer financial strength | A | — | — | — | — | Not covered | |
| Southern Cross Medical Care Society | Insurer financial strength | A+ | — | — | — | — | Not covered | |
| Southern Cross Pet Insurance | Insurer financial strength | A | — | — | — | — | Not covered | |
| Southsure Assurance | Insurer financial strength | — | BBB+ | — | — | — | Not covered | |
| The Hollard Insurance Company | Insurer financial strength | A | — | — | — | — | Not covered | |
| The New India Assurance Company | Insurer financial strength | — | — | — | — | B++ | Not covered | |
| Tokio Marine & Nichido Fire Insurance | Insurer financial strength | A+ | AA- | — | — | A++ | Not covered | |
| TOWER | Insurer financial strength | — | — | — | — | A- | Not covered | |
| Union Medical Benefits Society (UniMed) | Insurer financial strength | — | — | — | — | A | Not covered | |
| Vero Insurance New Zealand | Insurer financial strength | AA- | — | — | — | — | Not covered | |
| Vero Liability Insurance | Insurer financial strength | AA- | — | — | — | — | Not covered | |
| Veterinary Professional Insurance Society | Insurer financial strength | — | — | — | — | B | Not covered | |
| Virginia Surety Company | Insurer financial strength | — | — | — | — | A+ | Not covered | |
| Zurich Australian Insurance | Insurer financial strength | AA- | — | — | — | — | Not covered |
59 institutions listed.
Fund Managers and Managed Investment Schemes Every licensed fund manager on the Financial Markets Authority register. These take your money and invest it — they do not hold it as a deposit, so none of them is covered by the government scheme, and the rating column is about the manager, never about the fund. Xceda Finance holds a managed investment scheme licence as well as its deposit-taking licence, so it appears once, in the deposit taker section above, rather than twice.
| Institution | Rating type | S&P | Fitch | Moody's | Equifax | AM Best | Outlook | Govt cover |
|---|---|---|---|---|---|---|---|---|
| Adminis (Adminis Funds Limited) | Issuer | NCR | NCR | NCR | NCR | NCR | Not covered | |
| Always-Ethical (Always-Ethical Limited) | Issuer | NCR | NCR | NCR | NCR | NCR | Not covered | |
| Amova Asset Management (Amova Asset Management New Zealand Limited) | Issuer | NCR | NCR | NCR | NCR | NCR | Not covered | |
| AMP Wealth Management (AMP Wealth Management New Zealand Limited) | Issuer | NCR | NCR | NCR | NCR | NCR | Not covered | |
| ANZ Investments (ANZ New Zealand Investments Limited) | Issuer | NCR | NCR | NCR | NCR | NCR | Not covered | |
| ASB Group Investments (ASB Group Investments Limited) | Issuer | NCR | NCR | NCR | NCR | NCR | Not covered | |
| Aspiring Asset Management (Aspiring Asset Management Limited) | Issuer | NCR | NCR | NCR | NCR | NCR | Not covered | |
| BetaShares Capital NZ (BetaShares Capital NZ Limited) | Issuer | NCR | NCR | NCR | NCR | NCR | Not covered | |
| Booster Investment Management (Booster Investment Management Limited) | Issuer | NCR | NCR | NCR | NCR | NCR | Not covered | |
| Britannia Financial Services (Britannia Financial Services Limited) | Issuer | NCR | NCR | NCR | NCR | NCR | Not covered | |
| BT Funds Management (NZ) (BT Funds Management (NZ) Limited) | Issuer | NCR | NCR | NCR | NCR | NCR | Not covered | |
| Castle Point (PG Funds Limited) | Issuer | NCR | NCR | NCR | NCR | NCR | Not covered | |
| Centuria Funds Management (NZ) (Centuria Funds Management (NZ) Limited) | Issuer | NCR | NCR | NCR | NCR | NCR | Not covered | |
| Clarity Funds Management (Clarity Funds Management Limited) | Issuer | NCR | NCR | NCR | NCR | NCR | Not covered | |
| Consilium (Consilium NZ Limited) | Issuer | NCR | NCR | NCR | NCR | NCR | Not covered | |
| Conrad Funds Management (Conrad Funds Management Limited) | Issuer | NCR | NCR | NCR | NCR | NCR | Not covered | |
| Craigs Investment Partners Superannuation Management (Craigs Investment Partners Superannuation Management Limited) | Issuer | NCR | NCR | NCR | NCR | NCR | Not covered | |
| Devon Funds Management (Devon Funds Management Limited) | Issuer | NCR | NCR | NCR | NCR | NCR | Not covered | |
| Elevation Capital (Elevation Capital Funds Management Limited) | Issuer | NCR | NCR | NCR | NCR | NCR | Not covered | |
| First Mortgage Managers (First Mortgage Managers Limited) | Issuer | NCR | NCR | NCR | NCR | NCR | Not covered | |
| Fisher Funds (Fisher Funds Management Limited) | Issuer | NCR | NCR | NCR | NCR | NCR | Not covered | |
| Forest Enterprises (Forest Enterprises Limited) | Issuer | NCR | NCR | NCR | NCR | NCR | Not covered | |
| Forsyth Barr Investment Management (Forsyth Barr Investment Management Limited) | Issuer | NCR | NCR | NCR | NCR | NCR | Not covered | |
| FSF Management Company (FSF Management Company Limited) | Issuer | NCR | NCR | NCR | NCR | NCR | Not covered | |
| FundRock NZ (Fundrock NZ Limited) | Issuer | NCR | NCR | NCR | NCR | NCR | Not covered | |
| Futurity Investment Group (Futurity Investment Group Limited) | Issuer | NCR | NCR | NCR | NCR | NCR | Not covered | |
| Generate Investment Management (Generate Investment Management Limited) | Issuer | NCR | NCR | NCR | NCR | NCR | Not covered | |
| Greenplan Forestry (Greenplan Forestry Limited) | Issuer | NCR | NCR | NCR | NCR | NCR | Not covered | |
| Harbour Asset Management (Harbour Asset Management Limited) | Issuer | NCR | NCR | NCR | NCR | NCR | Not covered | |
| Hive Funds (HIVE FUNDS LIMITED) | Issuer | NCR | NCR | NCR | NCR | NCR | Not covered | |
| Homeshare Scheme Management (Homeshare Scheme Management Limited) | Issuer | NCR | NCR | NCR | NCR | NCR | Not covered | |
| i-Select (i-Select Limited) | Issuer | NCR | NCR | NCR | NCR | NCR | Not covered | |
| Kernel Wealth (Kernel Wealth Limited) | Issuer | NCR | NCR | NCR | NCR | NCR | Not covered | |
| Koura Wealth (Koura Wealth Limited) | Issuer | NCR | NCR | NCR | NCR | NCR | Not covered | |
| Lifetime Asset Management (Lifetime Asset Management Limited) | Issuer | NCR | NCR | NCR | NCR | NCR | Not covered | |
| Mainland Capital (Mainland Capital Investment Management Limited) | Issuer | NCR | NCR | NCR | NCR | NCR | Not covered | |
| Medical Funds Management (Medical Funds Management Limited) | Issuer | NCR | NCR | NCR | NCR | NCR | Not covered | |
| Mercer (Mercer (N.Z.) Limited) | Issuer | NCR | NCR | NCR | NCR | NCR | Not covered | |
| Midlands (Fund Managers Central Limited) | Issuer | NCR | NCR | NCR | NCR | NCR | Not covered | |
| Milford Asset Management (Milford Funds Limited) | Issuer | NCR | NCR | NCR | NCR | NCR | Not covered | |
| Mint Asset Management (Mint Asset Management Limited) | Issuer | NCR | NCR | NCR | NCR | NCR | Not covered | |
| New Zealand Investment Portfolio Management (New Zealand Investment Portfolio Management Limited) | Issuer | NCR | NCR | NCR | NCR | NCR | Not covered | |
| Norfolk Mortgage Management (Norfolk Mortgage Management Limited) | Issuer | NCR | NCR | NCR | NCR | NCR | Not covered | |
| Northwest Healthcare Properties Management (Northwest Healthcare Properties Management Limited) | Issuer | NCR | NCR | NCR | NCR | NCR | Not covered | |
| NZ Funds (New Zealand Funds Management Limited) | Issuer | NCR | NCR | NCR | NCR | NCR | Not covered | |
| Obsidian Group (Obsidian Group Limited) | Issuer | NCR | NCR | NCR | NCR | NCR | Not covered | |
| Oyster Management (Oyster Management Limited) | Issuer | NCR | NCR | NCR | NCR | NCR | Not covered | |
| Pathfinder Asset Management (Pathfinder Asset Management Limited) | Issuer | NCR | NCR | NCR | NCR | NCR | Not covered | |
| Pie Funds (Pie Funds Management Limited) | Issuer | NCR | NCR | NCR | NCR | NCR | Not covered | |
| Plaza Funds Management (Plaza Funds Management Limited) | Issuer | NCR | NCR | NCR | NCR | NCR | Not covered | |
| PMG Property Funds Management (PMG Property Funds Management Limited) | Issuer | NCR | NCR | NCR | NCR | NCR | Not covered | |
| Property Funding Mortgage Management (PROPERTY FUNDING MORTGAGE MANAGEMENT LIMITED) | Issuer | NCR | NCR | NCR | NCR | NCR | Not covered | |
| Quarry Capital (Quarry Capital Limited) | Issuer | NCR | NCR | NCR | NCR | NCR | Not covered | |
| Roger Dickie (Roger Dickie (N.Z.) Limited) | Issuer | NCR | NCR | NCR | NCR | NCR | Not covered | |
| Salt Investment Funds (Salt Investment Funds Limited) | Issuer | NCR | NCR | NCR | NCR | NCR | Not covered | |
| Saturn Invest (Saturn Invest New Zealand Limited) | Issuer | NCR | NCR | NCR | NCR | NCR | Not covered | |
| SBS Wealth (Funds Administration New Zealand Limited) | Issuer | NCR | NCR | NCR | NCR | NCR | Not covered | |
| Sharesies Investment Management (Sharesies Investment Management Limited) | Issuer | NCR | NCR | NCR | NCR | NCR | Not covered | |
| Silverfin Capital (Silverfin Capital Limited) | Issuer | NCR | NCR | NCR | NCR | NCR | Not covered | |
| Simplicity (Simplicity NZ Limited) | Issuer | NCR | NCR | NCR | NCR | NCR | Not covered | |
| Smartshares (Smartshares Limited) | Issuer | NCR | NCR | NCR | NCR | NCR | Not covered | |
| Vital Healthcare Properties Management (Vital Healthcare Properties Management Limited) | Issuer | NCR | NCR | NCR | NCR | NCR | Not covered | |
| Wedge Management (WEDGE MANAGEMENT LIMITED) | Issuer | NCR | NCR | NCR | NCR | NCR | Not covered | |
| Welcome Funds Management (Welcome Funds Management Limited) | Issuer | NCR | NCR | NCR | NCR | NCR | Not covered | |
| Whai Rawa Fund (Whai Rawa Fund Limited) | Issuer | NCR | NCR | NCR | NCR | NCR | Not covered | |
| WPS Management (WPS Management Limited) | Issuer | NCR | NCR | NCR | NCR | NCR | Not covered | |
| Alvarium Wealth (Helm Wealth Advisory Limited) | Issuer | NCR | NCR | NCR | NCR | NCR | Not covered |
67 institutions listed.
Peer-to-Peer Lending Platforms Platforms where your money is lent to borrowers. Not deposits, not covered by the government scheme, and the risk sits with the borrowers as well as the platform.
| Institution | Rating type | S&P | Fitch | Moody's | Equifax | AM Best | Outlook | Govt cover |
|---|---|---|---|---|---|---|---|---|
| Citizens Brokerage (Citizens Brokerage Limited) | Issuer | NCR | NCR | NCR | NCR | NCR | Not covered | |
| Crowdsphere (Crowdsphere Limited) | Issuer | NCR | NCR | NCR | NCR | NCR | Not covered | |
| Go Lend (Go Lend Limited) | Issuer | NCR | NCR | NCR | NCR | NCR | Not covered | |
| Lending Crowd (Lending Crowd Limited) | Issuer | NCR | NCR | NCR | NCR | NCR | Not covered | |
| PledgeMe Lending (PledgeMe Limited) | Issuer | NCR | NCR | NCR | NCR | NCR | Not covered | |
| Southern Cross Partners (Southern Cross Partners Limited) | Issuer | NCR | NCR | NCR | NCR | NCR | Not covered | |
| Squirrel Money (Squirrel Money Limited) | Issuer | NCR | NCR | NCR | NCR | NCR | Not covered | |
| Vestee (formerly Zagga) (VESTEE LIMITED) | Issuer | NCR | NCR | NCR | NCR | NCR | Not covered |
8 institutions listed.
Crowdfunding Platforms Licensed equity and project crowdfunding. Included for completeness — your money becomes shares or a project stake, not a deposit, and it is not protected.
| Institution | Rating type | S&P | Fitch | Moody's | Equifax | AM Best | Outlook | Govt cover |
|---|---|---|---|---|---|---|---|---|
| Collinson Crowdfunding (Collinson Crowdfunding Limited) | Issuer | NCR | NCR | NCR | NCR | NCR | Not covered | |
| Crowdsphere (Crowdsphere Limited) | Issuer | NCR | NCR | NCR | NCR | NCR | Not covered | |
| PledgeMe (Pledgeme Limited) | Issuer | NCR | NCR | NCR | NCR | NCR | Not covered | |
| The Property Crowd (licence suspended) (The Property Crowd Limited) | Issuer | NCR | NCR | NCR | NCR | NCR | Not covered | |
| The Snowball Effect (The Snowball Effect Limited) | Issuer | NCR | NCR | NCR | NCR | NCR | Not covered | |
| Tressel (Tressel Limited) | Issuer | NCR | NCR | NCR | NCR | NCR | Not covered |
6 institutions listed.
How to read this table
- AA− , A+ , A1 — A rating from that agency. Each agency has its own column because they do not always agree — ANZ is S&P's AA− but Fitch's A+.
- NCR — No Credit Rating. The institution is not required to hold an agency rating and does not have one. It is not a criticism — it is simply the position, and we would rather tell you plainly than leave you guessing.
- — — That agency does not rate this institution. Most New Zealand institutions carry a rating from only one agency, so a row with one rating and four dashes is entirely normal.
- (blank) — We have not yet confirmed this against a source. It will be filled in as verification is done — never guessed.
- Rating type — Issuer is an opinion on the institution's ability to pay its debts. Insurer financial strength is an opinion on an insurer's ability to pay claims. They are different questions, which is why we label them rather than mixing them.
- Govt cover — Whether your money is protected by the Depositor Compensation Scheme, up to $100,000 per person, per institution.
Why AM Best only appears against insurers
AM Best rates insurers and reinsurers. It does not rate banks, building societies or fund managers, which is why that column is empty for every other section on this page. The Reserve Bank approves three agencies for insurer ratings — AM Best, S&P and Fitch — so those three columns carry the insurer figures.
The rating scales are not the same
An AM Best A+ and an S&P A+ are not the same thing, and AM Best's own scale runs from A++ down through B++, B+ and lower. Each column sorts within its own agency's scale, so comparing across two columns is not comparing like with like. Compare down a column, not across a row.
About the government guarantee
The Depositor Compensation Scheme covers up to $100,000 per depositor, per licensed institution. It applies to banks and to licensed non-bank deposit takers, and only to accounts the institution lists as protected. It does not cover fund managers, mortgage funds, peer-to-peer lending platforms or insurers — however those investments are structured, and whatever the marketing says.
A licence is not the same as a rating
Being on the Financial Markets Authority register means an institution is allowed to offer the service. It does not mean anyone has assessed its financial strength. Most fund managers and every peer-to-peer and crowdfunding platform on this page read NCR — not because something is wrong, but because no agency has been asked to rate them and none is required to.
A licence also does not guarantee an institution is still taking new customers. A platform can stop accepting investors and keep its licence. Check with the provider before you commit.
Why almost every fund manager reads NCR
A fund manager is not required to hold a credit rating, and almost none of them do. That is not a warning sign — it is simply how the sector works. What you are relying on instead is the licensing regime and the supervisor's oversight, which is a different kind of protection and a weaker one where your money is actually at risk.
If a fund manager does hold a rating, it is worth reading what it is a rating of. A cash fund advertising an average portfolio rating of A+ is describing the credit quality of the things it has bought, not its own financial standing.
Where these figures come from
Ratings come from the institutions' own disclosure statements, published credit rating reports and rating announcements — the issuer's own document, which is normally more current than any register. Where an issuer does not publish one, we take the figure from the Reserve Bank register and say so. Licensing status comes from the Reserve Bank and Financial Markets Authority registers. We do not take ratings from other comparison sites.
Ratings are checked again every quarter, and a change is published as soon as we confirm it. If you spot one we have missed, tell us and we will look at the document.
The ValueHub Team built this site because finding clear, unbiased financial information in New Zealand was harder than it should be. Every guide is based on real research — we compare the actual fees, terms, and fine print so you don't have to. Our tip: shop around every year, read the policy docs, and never assume loyalty gets you the best deal.— The ValueHub Team
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