Telecom Corp. New Zealand has received all necessary approvals for the demerger of its fixed-line access network business, Chorus Ltd. The demerger is expected to be completed in December 2011. As previously indicated in our Creditwatch announcement on Aug. 30, 2011, we have lowered the ratings on TCNZ to 'A-/A-2' from 'A/A-1'. The outlook is stable. The lower rating reflects the loss of the high-credit-quality access network revenues, tempered by the adoption of a more conservative financial profile and policies. On Nov. 14, 2011, Standard&Poor's Ratings Services lowered its ratings on Telecom Corp. of New Zealand Ltd. (TCNZ) to 'A-/A-2' from 'A/A-1'. The outlook on the long-term rating is stable. At the same time, we removed all ratings
