Solid market position as New Zealand's largest telecommunications company Growth in mobile subscriber base supporting overall mobile revenue growth, which is offsetting structurally declining fixed-line voice revenues Intensifying competition across both mobile and fixed-line broadband Execution risks associated with new products and technologies Minimal financial risk profile Capital expenditure internally funded by strong cash flow generation Conservative approach to capital management The stable outlook reflects our expectation that Spark New Zealand Ltd.'s solid market position in the New Zealand telecommunications market and prudent capital management would mitigate the group's exposure to structurally declining fixed-line revenues and intensifying competition. This should enable its credit metrics to remain in line with the 'A-' rating level. Downward rating momentum could emerge if pressures
