We consider that Telecom Corp of New Zealand Ltd.'s (TCNZ) financial risk profile has improved because of lower debt levels due to cash inflows from the divestment of noncore assets, and its supportive financial policy framework. As a result, we have revised the group's financial risk profile to "minimal" from "modest", and maintained its "satisfactory" business risk profile. However, we consider that TCNZ is weaker than its 'A' rated peers, resulting in a "negative" comparable rating analysis modifier. We have affirmed our long- and short-term ratings on TCNZ at 'A-/A-2'. The outlook remains stable. On March 14, 2014, Standard&Poor's Ratings Services affirmed its 'A-/A-2' ratings on Telecom Corp. of New Zealand Ltd. (TCNZ) and TCNZ's related debt issues
