MELBOURNE (Standard&Poor's) Dec. 1, 2011--Standard&Poor's Ratings Services said today that it had assigned its 'BBB' long-term issuer credit rating to New Zealand-based telecommunications network company Chorus Ltd. The outlook on the rating is stable. At the same time, we assigned our 'BBB' long-term rating to Chorus' NZ$1.35 billion multi-tranche, senior unsecured syndicated bank facility. Chorus was assigned a preliminary long-term credit rating of BBB/Stable on Aug. 30, 2011, subject to the completion of its demerger from Telecom Corp. of New Zealand Ltd. (A-/Stable/A-2); this demerger was completed on Nov. 30, 2011. "The 'BBB' rating on Chorus reflects our view of the company's strong market position as the dominant fixed-line telecommunications access network in New Zealand, high
