Our ratings on New Zealand-based Revolut Payments New Zealand Pty Ltd. (RPNZ) benefit from the unconditional guarantee on all the issuer's debt obligations by Revolut Ltd. We view RPNZ's credit profile as weaker than the New Zealand major banks, noting the start-up nature of RPNZ's business activities in New Zealand. We have assigned our'BBB+'long-term issuer credit ratings to RPNZ. The positive outlook reflects that on the guarantor, which is due to the group's intention to build up an additional loss-absorption capacity (ALAC) buffer over the next two years. On Nov. 3, 2026, S&P Global Ratings assigned its'BBB+'long-term issuer credit rating to RPNZ. The outlook on the long-term rating is positive. RPNZ benefits from an unconditional guarantee
