I had a rough experience with NZQA, I was pre-assessed with level 7 and then during full, it went down to level 5. I was refunded though but this seems to be a case by case basis (e.g. who made the mistake).
You might want to check with your university first about your degree. Aside from CHED recognition, they were looking for accreditation on the course itself. ref:
http://en.wikipedia.org/wiki/Higher_...#Accreditation
Then again, this happened just last year (2013). Some could have a different experience as mine.