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Industry Report Card: European Telecommunications (Investment-Grade Issuers) Sep 02

  • ID: 1710206
  • September 2002
  • Region: Europe
  • Standard & Poors
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  • Cable & Wireless Ltd.
  • Eutelsat S.A.
  • Magyar Telekom PLC
  • O2 Czech Republic a.s.
  • Orange Polska S.A.
  • TDC A/S
  • MORE

Factors driving creditworthiness of industry participants in 2002 include: Deregulation, and product and geographical diversification, which have led to a deterioration in credit quality. Balance sheet strengthening, although Deutsche Telekom AG (BBB+/Stable/A-2)and in particular France Télécom (BBB-/Stable/A-3) still have work to do. The market position and cash flow of incumbent fixed-line operators, which underpin their ratings. Pressure on issuers' cash flow due to regulation, competition, and sensitivity to macroeconomic conditions. Operational and capital efficiency, which are key to cash flow protection. The European telecoms industry has experienced tremendous change over the past few years. Deregulation has led to increased fixed-line competition and losses in market share for the former monopoly operators, while regulatory price controls have spawned price deflation. As...

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- British Telecommunications PLC
- Telefonica S.A.
- Olivetti SpA
- Nokia Corp.
- Cable & Wireless Ltd.
- Eutelsat S.A.
- Orange
- Proximus S.A.
- TeliaSonera AB
- Hutchison Whampoa Ltd.
- Telkom SA SOC Ltd.
- Koninklijke KPN N.V.
- Deutsche Telekom AG
- Bezeq - Israel Telecommunication Corp. Ltd.
- O2 Czech Republic a.s.
- Portugal Telecom SGPS S.A.
- Hellenic Telecommunications Organization S.A.
- Orange Polska S.A.
- TeliaSonera Finland Oyj
- Vodafone Group PLC
- Telecom Italia SpA
- Elisa Corp.
- Magyar Telekom PLC
- mmO2 PLC
- Valentia Telecommunications upc
- SES S.A.
- Telenor ASA

Note: Product cover images may vary from those shown
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Note: Product cover images may vary from those shown