Significant market positions in fixed-line and mobile telecommunications in New Zealand Strong mobile growth more than offsetting structurally declining fixed-line voice revenues Intensifying competition in key services and products, particularly fixed line Execution risks associated with new products and technologies Robust financial risk profile, supported by a conservative capital-management approach Strong cash flow generation to allow capital expenditure to be internally funded The outlook is stable. We expect Spark New Zealand Ltd.'s robust financial risk profile, large market shares, and prudent capital management to mitigate the group's exposure to structurally declining fixed-line revenues and intensifying competition, allowing its credit metrics to remain in line with the 'A-' rating level. Downward rating momentum could emerge if pressures on Spark's market share,
