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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
COMMUNICATIONS
Credit Profile: Baa2[S]/BBB[S]
- Affirmation reflects gov’t backing and essential role in NZ’s broadband infrastructure.
- Post-UFB (Ultra Fast Broadband) rollout has seen moderating CapEx and positive FCF, expected to improve further, having turned positive in for first time in FY22.
- Moody’s view liquidity as robust; NZD 87mn in cash, NZD 300mn in undrawn facilities, and NZD 520mn OCF over next 12m against NZD 400mn upcoming capex and NZD 200mn dividends. Upgrade/downgrade leverage thresholds of 4.25x/5.25x.
- Not a credit we have a strong view on; trades in a tight range against other AU/NZ communications lines and wide of both the BBB and BBB- European Comms curve.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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