The New Zealand Commerce Commission (NZCC) has released its draft Final Pricing Principle (FPP) for the prices that Chorus can charge for use of its local copper lines and broadband services. Although the FPP remains subject to finalization, we believe that the announcement, together with a revision to the group's debt facility financial covenants in July 2014, has significantly reduced downward pressure on the group's 'BBB' rating; Accordingly, we have affirmed the 'BBB' rating on Chorus and revised the outlook to stable from negative. On Dec. 4, 2014, Standard&Poor's Ratings Services affirmed its 'BBB' rating on Chorus Ltd. and related debt issues. At the same time, we revised the outlook to stable from negative. The ratings affirmation and
