CABLE & WIRELESS OPTUS CREDIT RATING UPGRADE

Cable & Wireless Optus' unsecured credit rating from Moody's Investors Services was upgraded last week, taking the company's rating from Baa2 to Baa1.

The rating reflects the progress the company has made in developing its portfolio of services, while maintaining an appropriate financial risk profile.

"We are delighted that Moody's has recognised the value of our networks, in particular our broadband cable network and our potential for strong and consistent growth," said Norman Gillespie, Cable & Wireless Optus Chief Financial Officer.

The company's rating with Standard and Poor's is BBB+.

For more information:
Stephen Woodhill
Phone: 02 9342 7850