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.