TEXT-S&P Corrects Kiwi Capital Securities' Pref Share Rtg To 'BBB-'

(The following was released by the rating agency)

MELBOURNE (Standard & Poor's) Oct. 2, 2012--Standard & Poor's Ratings Services said today that it has raised its issue credit rating on Kiwi Capital Securities Ltd.'s NZ$150 million, floating-rate, perpetual callable non-cumulative preference shares to 'BBB-', reflecting a correction in our application of our "Bank Hybrid Capital Methodology And Assumptions" criteria, published Nov. 1, 2011.

The preference shares are now rated two notches below the stand-alone credit profile (SACP) of New Zealand Post Ltd. group (AA-/Negative/A-1+), the parent of Kiwibank Ltd. (AA-/Negative/A-1+), reflecting the correct application of our criteria. The preference shares were previously and erroneously rated 'BB+', or two notches below the SACP of Kiwibank Ltd.