MELBOURNE (S&P Global Ratings) May 20, 2025--S&P Global Ratings today assigned its 'BB+' long-term issue rating to proposed subordinated capital notes of NZ$170 million issued by Chorus Ltd. The proposed issuance of capital notes is intended to replace some of the existing securities issued by Chorus related to National Infrastructure Funding and Financing (NIFF, a New Zealand government-owned entity). Chorus received New Zealand government funding of about NZ$1.3 billion in the form of NIFF securities (debt and equity-like securities) to finance construction costs of its ultra-fast broadband rollout. The funds raised from this offering will be used jointly to: Repay a NZ$85.3 million debt tranche of NIFF securities that are set to mature on June 30, 2025; and Refinance a
