Rating agency Standard & Poor’s is moving to quell fears its latest revision of New Zealand’s credit rating spells disaster for our economy.

S&P announced earlier this week it had revised New Zealand’s foreign currency sovereign credit rating outlook to negative from stable.

Standard & Poors credit analyst Kyran Curry is stressing the revision is just an indication our credit rating could change.

“If anything, we’ve affirmed the ratings on New Zealand, we’re saying New Zealand’s credit quality is excellent, at AA+, and we don’t really make many distinctions between an AA economy and a AAA sovereign."

Mr Curry says New Zealand’s export-based economy is its biggest weakness.

"The revision of the outlook to negative reflects a number of external factors on the horizon that could come back to haunt New Zealand

"It reflects our concern that New Zealand, among other things, is a very open and resilient economy.

"It’s subject to the global factors, the whims of commodity markets, particularly the dairy sector.

"While that has served New Zealand very well, it also presents a vulnerability out there that we’ve identified in this revision.”