MELBOURNE (Standard&Poor's) Aug. 15, 2007--Standard&Poor's Ratings Services today said that it had affirmed its 'A/A-1' corporate credit ratings on Telecom Corp. of New Zealand Ltd. (TCNZ), noting TCNZ's demonstrated commitment to a conservative financial risk appetite as it manages the significant challenges facing the company and the telecommunications industry. The outlook is stable. "Although TCNZ remains subject to competitive, regulatory, and technological pressures, the company is well-placed to meet the evolution of its business segments and maintain strong profitable positions," Standard&Poor's credit analyst Colin Atkin said. "These strong market positions and current profitability should provide it with sufficient scale and scope to maintain and develop its capabilities to meet the changing environment, particularly in
