...MELBOURNE (Standard & Poor's) Dec. 4, 2014--Standard & Poor's Ratings Services said today that it had affirmed its '###' rating on Chorus Ltd. and related debt issues. At the same time, we revised the outlook to stable from negative. The rating actions follow the New Zealand Commerce Commission's (NZCC) release of its draft Final Pricing Principle (FPP) for the prices that Chorus can charge for use of its local copper lines and broadband services. "The ratings affirmation and outlook revision reflect our view that the NZCC's draft FPP has reduced downward pressure on the group rating. The outlook revision also reflects the amendments to the group's debt facility covenants in July 2014, which have materially improved forecast covenant headroom under a range of potential FPP outcomes," Standard & Poor's credit analyst Paul Draffin said. "Importantly also, we consider that Chorus has the flexibility and willingness to manage its financial risk profile and debt facility covenant headroom in...
