On Nov. 5, 2013, we placed the 'BBB' long-term rating on Chorus on CreditWatch with negative implications, following the New Zealand Commerce Commission's (NZCC) final determination for Unbundled Bitstream Access (UBA) pricing. Chorus is currently assessing various operating and capital management strategies to bridge the substantial funding gap created by the NZCC decision, but has made no decision so far. Accordingly, we are maintaining our CreditWatch on the group until we have greater clarity on these strategies and their potential impact on the group's financial risk profile and debt facility covenant headroom. We expect to resolve the CreditWatch within the next 3 months or so. On Feb. 5, 2014, Standard&Poor's Ratings Services kept its 'BBB' ratings on New
