STANDARD & POOR'S UPGRADE OPTUS

Cable & Wireless Optus today welcomed Standard & Poor's decision to upgrade its credit rating.

Standard & Poor's lifted Cable & Wireless Optus' long term credit rating from BBB+ to A- while the short term rating has been affirmed at A-2. This follows a similar upgrade from Baa2 to Baa1 by Moody's last week.

Chris Anderson, Chief Executive of Cable & Wireless Optus said the rating upgrade was good news.

"It is pleasing to see that the company's hard work has been recognised. Our solid results right across the board are reflected in this decision," he said.

"This improved credit rating will further enhance our ability to access domestic and international debt capital markets. This continues Cable & Wireless Optus' strategy of diversifying our sources of funding and lengthening the maturity profile of our borrowings.

"This upgrade follows the announcement of our joint venture with Virgin for the mobile market," Mr Anderson said.

For more information:
Stephen Woodhill
Phone: 02 9342 7850