Upgrading Chorus' Fair Value and Uncertainty Rating

Chorus was separated from Telecom New Zealand in 2011 and is the biggest fixed-line access telecommunications infrastructure (copper and fiber) provider in New Zealand. It owns and operates a national fixed-line network that includes local phone exchanges and copper and fiber cables. Chorus partnered with the government in rolling out fiber to the premises though the ultra-fast broadband, or UFB, initiative. As a near-monopoly operator, Chorus' wholesale prices are regulated by the Commerce Commission, or ComCom.