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 in fixed and mobile services Execution risks associated with new products, technologies, and cost-reduction initiatives The 'A-/A-2' ratings on Telecom Corp. of New Zealand (TCNZ) reflect our opinion of the group's "modest" financial risk profile, strong free cash flow generation, and "satisfactory" business risk profile as the largest provider of telecommunications products and services in New Zealand. Offsetting these strengths are the intensifying competitive environment in fixed and mobile telecommunications services in New Zealand, and the execution risks associated with delivering new products, technologies, and cost-reduction initiatives. In November 2011, TCNZ completed the
