Standard & Poor's says it has maintained Telecom's ratings on creditwatch with negative implications.
The credit ratings agency placed the company on creditwatch on 4 August.
Telecom has an A long-term and A-1 short-term rating.
The agency says it believes there is a high likelihood that Telecom will split into two companies by the end of 2011 and that will weaken the company's strong business risk profile.
Telecom has stated its intention to target a rating in the A category following the split.