MELBOURNE (Standard&Poor's) Nov. 11, 2011—Standard&Poor's Ratings Services said today that it had lowered its ratings on Telecom Corp. of New Zealand Ltd. (TCNZ) to 'A-/A-2' from 'A/A-1'. The rating outlook is stable. We also removed all ratings from CreditWatch, where they were placed with negative implications on Aug. 4, 2010. We had indicated the likelihood of a one-notch downgrade when we maintained the CreditWatch on Aug. 30, 2011. "The downgrade reflects TCNZ's reduced revenue diversity and loss of high-credit-quality access network revenues due to the demerger of Chorus Ltd.," Standard&Poor's credit analyst Paul Draffin said. "Tempering the revenue loss is TCNZ's adoption of a more conservative financial policy framework." TCNZ has recently received shareholder
