Martin Foo, Director at S&P Global Ratings warned in a Bloomberg interview on Wednesday that  “New Zealand’s (NZ) current account deficit must narrow further.”

Additional quotes

“Broadly comfortable with New Zealand’s sovereign rating outlook.”

“Closely watching NZ large current-account deficit and weak economic growth.”

New Zealand’s current account deficit was 6.8% of the gross domestic product in the 12 months through March ... among the widest of advanced economies, reflecting subdued exports, stronger-than-expected imports and debt servicing costs.”

“Our base case is that it will narrow to something like 5% of GDP over the next couple of years. But if it doesn’t, that’s going to be probably a downside trigger for the rating.”