Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Revised Moody’s Rating

Revised Moody’s Rating Will Not Significantly Affect Telecom

Telecom said today a downgrade by credit rating agency Moody’s Investors Service will have no material impact on the company’s ability to raise capital in international debt markets.

Moody’s has assigned a long-term rating for senior unsecured debt of A2 with a negative outlook. This action has brought Moody’s into line with the A ratings assigned by both Standard and Poor’s and Fitch Ratings, although both of those agencies had a more positive ‘stable’ outlook.

Chief Financial Officer Marko Bogoievski said Telecom was disappointed that Moody’s had assigned a rating with a negative outlook, as the Group is confident of improving cash flow and credit fundamentals in the future.

“Our drive for better performance, particularly in Australia, is producing significantly improved results. The Group’s EBITDA for the quarter ended 31 March 2002 was NZ$573 million, up 7.3% on the corresponding period in 2001. Capital expenditure is also being kept under a tight rein,” he said.

Telecom’s short-term debt rating of P-1 was confirmed by Moody’s in February 2002.

Ends


© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Real Estate: Foreign Buyers Ban Passes Third Reading

The Bill to put in place the Government’s policy of banning overseas buyers of existing homes has passed its third and final reading in the House. More>>

ALSO:

Nine Merger: Fairfax Slashes Value Of NZ Business

Fairfax Media Group more than halved the value of its Kiwi assets, attaching just A$40 million to mastheads that were once the core of a billion dollar investment. More>>

Collecting Scalpers: Commerce Commission To Sue Viagogo

The Commission will claim that Viagogo made false or misleading representations: • that it was an “official” seller, when it was not • that tickets were limited or about to sell out • that consumers were “guaranteed” to receive valid tickets for their event • about the price of tickets... More>>

ALSO:

Price Of Cheese: Fonterra CEO Goes Early After Milk Price Trimmed

Aug. 15 (BusinessDesk) - Fonterra Cooperative Group chief executive Theo Spierings is leaving the role early after the world's biggest dairy exporter lowered its farmgate payout and trimmed its dividend to retain cash. More>>

ALSO: