State-owned lender Kiwibank's plans to grab more of New Zealand's market are a potential risk to its newly assigned double-A ratings, according to Fitch Ratings.
The rating agency issued an "AA" long-term foreign currency issuer default rating.
The rating reflects Kiwibank's parent, NZ Post, the Government-owned postal service.
Kiwibank's credit rating could be threatened if the lender tried to grow too fast, Fitch said.
It has about 5 per cent of the local market and the Treasury forecasts its loan book will expand to $18.58 billion by 2016 from its $12.1 billion at December 31.