Telecom drops Fitch from ratings coverage

Friday 29th June 2012

Telecom, the largest company on the NXZ 50, has dropped Fitch Ratings from its credit ratings line-up.

The telecommunications company will continue to engage with ratings agencies Standard & Poor's and Moody's Investors Service for ratings and analytical coverage, it said in a statement.

"It is what it is, we have two rating agencies and that is sufficient coverage," a spokesperson for Telecom told BusinessDesk. Standard & Poor's long term rating for Telecom is A-/stable, while Moody's is A3 stable.

In October, Fitch has downgraded Telecom's long term credit rating from A- to BBB+/Stable. Shares in the company opened the day on $2.39. The stock has gained 17 percent this year.

BusinessDesk.co.nz

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