16 Feb 2009

Telecom credit rating under review by Moody's

9:46 pm on 16 February 2009

Telecom is under review by international credit rating agency Moody's Investor Services for a possible downgrade.

Telecom says the review is likely to relate more to the past six months than its recent quarterly result.

The company's half-year profit fell almost 60% to $162 million in the six months to December - down from $397 million in the same period the previous year.

Chief financial officer Russ Houlden says a downgrade would not come as a surprise.

Telecom still expects to make between $460 million and $500 million in the full year to June.