...- We expect Chorus Ltd.'s earnings to be more predictable and stable following the introduction of New Zealand's utility-like "building block" regulatory framework, which determines the annual maximum allowable revenue that the company can earn over each regulatory period on its fiber network. - We believe the enhanced earnings quality improves Chorus' underlying creditworthiness and allows it to tolerate a higher leverage at the '###' rating level. We therefore revised our downgrade threshold for the company to a debt-to-EBITDA ratio of 5x, from 4.25x. - On Jan. 31, 2022, S&P Global Ratings affirmed its '###' long-term issuer credit rating on the New Zealand-based fixed line wholesale-only telecom company. We also affirmed the '###' long-term issue credit ratings on the company's senior unsecured notes. - The stable outlook reflects our expectations that Chorus will maintain its solid network position and earnings, as well as its commitment to maintain financial policies, including a leverage...
