S and P gives Chorus 3 months to stave off downgrade of one or notches

Wed, 05 Feb 2014

Feb. 5 (BusinessDesk) – Credit rating agency Standard & Poor’s says Chorus must get its debt to below four times operating earnings to stave off a downgrade to its BBB credit rating. Keeping a BBB rating hinged on whether the company could maintain the terms of its banking covenants, said credit analyst Paul Dufferin in a statement confirming the telecommunications infrastructure provider remains on negative credit watch, where it has sat since Nov. 5. That was the date the Commerce Commission finalised its decision to cut regulated pricing f...

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