MELBOURNE (Standard & Poor's) Aug. 5, 2003--Standard & Poor's Ratings Services said today that following the release of Telecom Corp. of New Zealand Ltd.'s (A/Stable/A-1) results for the year ended June 30, 2003, the company is on track to reach its targeted cash flow coverage ratios of debt-to-EBITDA of 2x and EBITDA interest coverage of 6x-7x by fiscal 2004. "Through greater cost efficiencies and an increased focus on returns when investing in infrastructure, TCNZ has successfully grown free operating cash flows and achieved meaningful debt reduction over the past two years," said credit analyst Andrew Lally, associate director, Corporate & Infrastructure Ratings. In a highly competitive and dynamic operating environment, the challenge for management will be to continue making measured
