Public Trust assigned backed Aaa deposit rating from Moody's

Public Trust assigned backed Aaa deposit rating from Moody's

Moody's Investors Service (Moody's) announced that it has assigned a backed long-term deposit rating of Aaa with a stable outlook to Public Trust.

The rating covers deposits in the Common Fund, which are guaranteed under the Public Trust Act 2001. Interest on these deposits is guaranteed under the Public Finance Act 1989. Neither guarantee is limited by time, quantum of investment or class of investor.

Moody's describes a deposit rating as an opinion of an entity's ability to repay punctually its deposit obligations. The positive announcement comes after Public Trust was assigned an Issuer rating of Aa3 on 31 August 2010 by Moody's.

"The backed Aaa rating reflects the fact that deposits of Public Trust are guaranteed by the New Zealand Government. The outlook for the backed rating is stable, in line with that of the New Zealand Government," said Moody's.

Public Trust's Chief Financial Officer, Ken Reilly, described the rating as "a pleasing outcome for Public Trust as it provides customers with further confidence as to their investments held in the Common Fund."

Notes to editors:

Public Trust is headquartered in Wellington, New Zealand. It reported assets of NZ$980million (approximately US$713million) at 31 December 2009.

Public Trust has been helping New Zealanders for over 135 years and is New Zealand's largest and most enduring trustee organisation. Public Trust has the experience and expertise to help New Zealanders grow and protect the important things in life, like family and property. For a full list of services visit www.publictrust.co.nz

Methodology - Issuer rating: The principal methodology used in rating Public Trust is their "Government-Related Issuers: Methodology Update (July 2010)". This can be found at www.moodys.com. Login is required.

Rating scale

Moody's overall rating scale goes from Aaa to C (with Aaa being the highest rating). Credit ratings are statements of opinion issued by Moody's Investors Service and are not statements of fact, an endorsement of Public Trust, or a recommendation to buy, hold or sell securities.

Contact: Leah Phelps, External Communications Manager

Phone: DDI: 04-978 4636 Cell: 029 978 4528