PRESS DIGEST-New Zealand newspapers - May 26

WELLINGTON, May 26 (Reuters) - Following are some of the lead stories from New Zealand metropolitan newspapers on Tuesday.

Stories may be taken from either the paper or Internet editions of the papers.

Reuters has not verified these stories and does not vouch for their accuracy.

DOMINION POST(www.stuff.co.nz)

Accent on credit rating: Cutting debt levels while preserving welfare entitlements will be the centrepiece of Thursday's Budget, Prime Minister John Key says.

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'Negative watch' but no cut to Fonterra payout: Fonterra will not be cutting its payout forecast for next season as a result of the United States' decision to reinstate dairy export subsidies.

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Chinese in line for F&P stake: Chinese manufacturer Haier is expected to take a cornerstone stake in debt-ridden Fisher & Paykel Appliances (FPA.NZ) with an offer too good to refuse, investors say.