Telecom Disappointed At Rating Change

Tuesday, 4 September 2001, 11:47 am
Press Release: Telecom New Zealand

Telecom Corporation of New Zealand is disappointed at the decision of Standard & Poor’s to change Telecom’s long–term corporate credit rating to A with a stable outlook, from A+.

Chief Financial Officer Marko Bogoievski said today that since its acquisition of AAPT in Australia, Telecom had taken major steps to enhance its financial profile.

“We disagree with the Standard & Poor’s view,” Mr Bogoievski said. “Telecom has strong operating cash flows in New Zealand and we’re satisfied with our progress in the Australian business.”

Mr Bogoievski noted that the Standard & Poor’s decision was in contrast to the Moody’s Investors Service announcement last week confirming its rating on Telecom senior unsecured debt at A1, which is equivalent to Standard & Poor's A+ rating.

Ends

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