The international ratings agency Standard and Poors has reaffirmed New Zealand's sovereign debt rating at AA with a stable outlook.
It said the economy was resilient and benefiting from strong political and financial institutions and policies.
It also noted New Zealand had high overseas borrowings and relied on foreign investors to fund its deficit.
Standards and Poors said the country also faced risks from high levels of housing and farm-sector debt, although it said they looked manageable.
The agency had held the country's rating unchanged since it downgraded it a notch in 2011.