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Credit rating stable for C&W Optus

By Phil Boeyen, ShareChat Business News Editor

Friday 29th September 2000

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Cable and Wireless Optus has had its long and short-term corporate credit ratings affirmed by ratings agency Standard and Poor's.

S&P, which yesterday downgraded Telstra's rating, says C&W Optus' long-term rating remains at A-minus and short term at A-2 following the company's announcement this week that it is conducting a strategic and structural review of its operating businesses.

Standard and Poor's says majority shareholder Cable & Wireless is expected to continue to support Optus' operations in the short to medium term, but will move to align its Australian business interests with those of the C&W group in the long term.

It says despite uncertainty on how the review will evolve, or what effect it may have on Optus' operating structure, C&W has in the past demonstrated a strong commitment toward bondholders following the restructure of other subsidiary assets.

Standard & Poor's says it sees no reason to assume that C&W will act differently in the case of Optus creditors.

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