Standard & Poor’s lowered New Zealand’s credit rating one notch Friday, adding the country to a lengthening line of developed economies whose credit profiles have been undermined by high debt and the uncertain global economic outlook.
The downgrade followed a similar move by Fitch Ratings, which cut its rating for New Zealand on Thursday and also singled out the country’s high foreign debt levels as a cause for concern.
OH. SORRY. WAIT. BUSH WASN'T PRESIDENT OF NEW ZEALAND. AND THEY HAVE A MINUSCULE DEFENSE DEPARTMENT. AND NO UNFUNDED WARS. AND NO TAX CUTS FOR THE RICH.
THEN... ER, UM... HOW COULD THEY BE IN TROUBLE?!?!?!
IT'S THE SOCIALISM, STUPID!
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