Telecom's long-term credit rating has been cut one notch by Standard & Poor's to reflect the demerger of the company's Chorus business and the loss of its network revenues.

Telecom has been ordered to pay compensation to rival telcos over alleged discrimination under the Telecom separation undertakings...

The 'New Telecom' - formed when its Chorus network business is split off in November will be the third biggest company on the NZX and a potential takeover target.