Outside of the structure finance sector, Standard & Poor's was busy with other rating actions in Australia and New Zealand. Dealing with the latter first, Kiwibank had the outlook on its 'AA-/A-1+' credit ratings revised to stable from negative. The bank's ratings are linked to those of its parent, New Zealand Post, given its unconditional guarantee of all of the bank's senior obligations. NZ Post's rating outlook was moved to stable following the revision of its dividend policy and the decision to divest some of its surplus investment property portfolio. The 'AAA' long-term local currency rating and 'AA+' long-term foreign currency ratings assigned to Housing New Zealand Corp. and its subsidiary, Housing New Zealand were affirmed during the week. The ratings are tied to those assigned to the New Zealand government.   Back in Australia, Telstra's 'A/A-1' credit ratings were affirmed and the outlook revised to stable from negative on Telstra's strengthening free cash flow generation, stemming from improving operating efficiencies and moderating transformation capital expenditure, and modest debt levels. Ratings on Babcock & Brown International were affirmed at 'BB+/Stable/B' following the announcement of the parent company's 30 per cent reduction in group interim profit and changes to the strategy, executive and board. The outlook on the 'BBB' SPUR assigned to Ancora (OAHS) Pty Ltd's senior secured bonds has been changed to negative from positive. The change reflects the postponement of works to date and the potential for delays in the final design endorsement, other required approvals, final construction scheduling and other critical path items for the Orange hospital development project. Nevertheless, the bonds are credit wrapped by Assured Guarantee Corp. and therefore carry an overarching 'AAA/Stable' credit rating. Following Macquarie Airport's announcement of its intention to sell its 50 per cent interest in Copenhagen and Brussels airports, S&P lowered its corporate credit rating to 'BBB-' from 'BBB', to reflect increased reliance on cash flows from remaining assets i.e. a decrease in asset diversity. S&P also expects MAp will remain acquisitive. The 'BBB' rating assigned to MAp's hybrid TICkETS securities was placed on CreditWatch with positive implications. This seemingly disparate action results from MAp's intention to use the sale proceeds to buyback up to $250 million of the securities and undertake a legal defeasance of the remainder. Lastly, S&P affirmed the 'BBB/A-2' ratings assigned to Members Equity Bank and removed them from CreditWatch Negative. The outlook on the ratings is negative. The ratings were placed on CreditWatch Negative in mid-March due to funding difficulties being experienced at that time as a result of the closure of the securitisation market. Since then the bank has secured $2.3 billion in funding and another $1 billion is currently being negotiated. S&P warned that should these negotiations be unsuccessful the bank's ratings could be lowered.