Modest financial risk profile and conservative financial policies Significant market positions in fixed-line and mobile telecommunications in New Zealand Strong free cash flow generation Intensifying competitive environment Execution risks associated with new products, technologies, and cost-reduction initiatives. The 'A-/A-2' ratings on TCNZ reflect our opinion of the group's modest financial risk profile, significant market position as the largest provider of telecommunications products and services in New Zealand, and strong free cash flow generation. Offsetting these strengths are the intensifying competitive environment in both fixed and mobile telecommunications services in New Zealand, and the execution risks associated with delivering new products, technologies, and cost-reduction initiatives. On Nov. 30, 2011, TCNZ completed the demerger of its fixed-line access network and related infrastructure,
