Fitch Assigns 'F1+' Rating to NZ LGFA's Domestic Short-Term Debt Programme

(The following statement was released by the rating agency)SYDNEY, October 13 (Fitch) Fitch Ratings has assigned the New Zealand Local Government Funding Agency Limited's (LGFA) domestic debt programme a Short-Term Local-Currency Rating of 'F1+'.The LGFA's Short-Term Local-Currency Issuer Default Rating (IDR) is currently 'F1+' and was last affirmed on 18 November 2014. The LGFA is able to issue short-term securities (LGFA Bills) under its existing documentation, which includes the LGFA's investment statement dated 17 August 2015 (or any replacement investment statement), a master trust deed between LGFA and Trustees Executors Limited dated 7 December 2011 (as amended on 8 February 2012), and a supplemental trust deed (no.2) dated 15 February 2012. The Bills will be issued on a discount to par non interest basis, with the principle amount paid on maturity. The Bills are repo eligible with the Reserve Bank of New Zealand and over the next 12 months the LGFA plans to issue NZD50m on a monthly basis with issuance split equally between three and six month maturities. KEY RATING DRIVERS - SHORT-TERM LOCAL-CURRENCY DEBT The Short-Term Local-Currency Rating for the LGFA's domestic debt programme is equalised with the entity's Short-Term Local Currency IDR (currently 'F1+') in accordance with Fitch's rating criteria. RATING SENSITIVITIES - SHORT-TERM LOCAL-CURRENCY DEBTThe Short-Term Local-Currency rating on LGFA's domestic debt programme is sensitive to any change in the IDRs of the entity. For details on the Key Rating Drivers and Rating Sensitivities for the IDRs of the LGFA, see the rating action commentary titled, "Fitch Affirms New Zealand's LGFA at 'AA+'; Outlook Positive", dated 18 November 2014, which is available at www.fitchratings.com. Contact: Primary AnalystJohn BirchDirector+61 2 8256 0345Fitch Australia Pty. Ltd., Level 15, 77 King Street, Sydney NSW 2000Secondary AnalystFernando MayorgaManaging Director +34 93 323 8407Committee ChairpersonChristophe ParisotManaging Director+33 1 44 29 91 34Media Relations: Leni Vu, Sydney, Tel: +61 2 8256 0304, Email: leni.vu@fitchratings.com.Additional information is available on www.fitchratings.comApplicable Criteria International Local and Regional Governments Rating Criteria (pub. 18 May 2015)https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=865254Rating of Public-Sector Entities - Outside the United States (pub. 26 Feb 2015)https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=862448Tax-Supported Rating Criteria (pub. 14 Aug 2012)https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=686015Additional Disclosures Dodd-Frank Rating Information Disclosure Form https://www.fitchratings.com/creditdesk/press_releases/content/ridf_frame.cfm?pr _id=992184Solicitation Status https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=992184Endorsement Policy https://www.fitchratings.com/jsp/creditdesk/PolicyRegulation.faces?context=2&det ail=31ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S FREE WEB SITE AT WWW.FITCHRATINGS.COM. PUBLISHED RATINGS, CRITERIA, AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE, AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE CODE OF CONDUCT SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE. Fitch Australia Pty Ltd holds an Australian financial services licence (AFS licence no. 337123) which authorises it to provide credit ratings to wholesale clients only. Credit ratings information published by Fitch is not intended to be used by persons who are retail clients within the meaning of the Corporations Act 2001.