INDEPENDENT NEWS

Telecom Disappointed At Rating Change

Published: Tue 4 Sep 2001 11:47 AM
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

Next in Business, Science, and Tech

Profit First For Law Firms: How To Run A Profitable Law Firm
By: Hugh Grant
NZ’s Record-Breaking Ocean Temperatures – Expert Reaction
By: Science Media Centre
Bacteria-Fighting Viruses Propel Emerging New Zealand Scientist To International Recognition
By: Bioprotection Aotearoa
Data Peaks As Fibre Network Reaches 1.5 Million Addresses
By: Bill Bennett
New AI Predator Detection Tools Available
By: Department of Conservation
Gas Production Forecast To Fall Below Demand
By: MBIE
View as: DESKTOP | MOBILE © Scoop Media