Moody’s assigns Backed-Aaa to Kiwibank’s A$250mln Fixed Rate Notes Notes

Sydney, October 16, 2009 -- Moody's Investors Service has assigned a 
first-time, Backed-Aaa rating to Kiwibank's new A$250mln fixed rate notes 
("Notes"), which carry guarantees from both New Zealand Post Limited and 
Her majesty the Queen in right of New Zealand. The rating outlook is 
stable.

"This is Kiwibank's first issuance utilizing the Crown Wholesale Funding 
Guarantee. The issue size is large relative to Kiwibank's balance sheet 
and will significantly increase the average tenor of the bank's wholesale 
funding, which we view to be a credit positive" says Marina Ip, an 
Assistant Vice President at Moody's Sydney Office.

The AUD Notes are unsecured and unsubordinated, with a maturity of 5 
years. The Notes have been issued from the bank's A$1.5billion Debt 
Instrument Programme.

The principal methodologies used in rating Kiwibank Limited were "Bank
Financial Strength Ratings: Global Methodology" and "Incorporation of 
Joint-Default Analysis into Moody's Bank Rating Methodology", both of 
which can be found at www.moodys.com in the Rating Methodologies 
subdirectory under the Research & Ratings tab. Other methodologies and 
factors that may have been considered in the process of rating Kiwibank 
Limited can also be found in the Rating Methodologies subdirectory on 
Moody's website.

Kiwibank Limited is headquartered in Wellington, New Zealand. It reported 
assets of NZD10.4billion (approximately USD6.7billion) at 30 June 2009.