Chorus BBB debt rating affirmed by S&P, outlook negative on reduced headroom

Fri, 23 May 2014

By Jonathan Underhill May. 23 (BusinessDesk) - Chorus's BBB credit rating was affirmed by Standard & Poor's with a negative outlook that reflects prospects for the network company's 'headroom' within financial covenants to shrink as it ramps up spending on the Ultra-Fast Broadband network and regulated prices fall. The Wellington-based company was placed on creditwatch with negative implications in February, effectively giving it three months to convince S&P not to downgrade its credit rating. "The rating affirmation reflects our view...

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