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


Telecom Credit Rating Remains Among Highest In NZ

Telecom's credit rating remains among the highest in New Zealand after a downgrade of its domestic currency rating by New York based credit rating agency Moody's Investor Service.

Moody's has downgraded its New Zealand dollar rating for Telecom Corporation of New Zealand Limited and its subsidiaries to Aa2 from Aa1 for senior debt and to Aa3 from Aa2 for subordinated debt. Moody's placed the domestic currency rating on review on 3 June.

"Telecom's current Moody's credit rating for New Zealand dollar denominated debt is as high as any other New Zealand based corporate," Chief Financial Officer Jeff White said today.

"The domestic debt market is well aware of Telecom's financial strength," he said.

Moody's said it had expanded its review to include Telecom's foreign currency ratings. Moody's said its review will include the funding of any future purchases of AAPT shares as well as Telecom's revenue growth prospects, potential investment opportunities, and operating and financial risk profile.

Telecom yesterday reported a 6.3 percent increase in earnings to $202 million for the three month period to 30 June 1999, based on a 2.7 percent increase in operating revenue to $848 million.

"These results demonstrate Telecom's profitability and financial strength," Mr White said.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Dry: Beef + Lamb Launches Drought Resources

The resources include a fact sheet outlining strategies to manage and mitigate the effects of drought, coping with stress on the farm and advice on feed requirements and animal welfare during the dry period. More>>


InternetNZ: Net Neutrality Failure In US "Will Hurt All Users"

InternetNZ Chief Executive Jordan Carter has condemned the decision by the United States communications regulator to undo 2015 open Internet rules, warning that all Internet users will end up worse off as a result. More>>


Mycoplasma Bovis: More Properties Positive

One of the latest infected properties is in the Hastings district, the other three are within a farming enterprise in Winton. The suspect property is near Ashburton. More>>


Manawatū Gorge Alternative: More Work Needed To Choose Route

“We are currently working closely and in partnership with local councils and other stakeholders to make the right long-term decision. It’s vital we have strong support on the new route as it will represent a very significant long-term investment and it will need to serve the region and the country for decades to come.” More>>


ScoopPro: Helping PR Professionals Get More Out Of Scoop has been a fixture of New Zealand’s news and Public Relations infrastructure for over 18 years. However, without the financial assistance of those using Scoop in a professional context in key sectors such as Public Relations and media, Scoop will not be able to continue this service... More>>