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

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

  • ID: 1710206
  • September 2002
  • Region: Europe
  • Standard & Poors

FEATURED COMPANIES

  • Belgacom S.A.
  • Elisa Corp.
  • Koninklijke KPN N.V.
  • Nokia Corp.
  • Orange
  • TDC A/S
  • MORE

Abstract
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...

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of READ MORE >

- British Telecommunications PLC
- Telefonica S.A.
- Olivetti SpA
- Nokia Corp.
- Cable & Wireless Ltd.
- Eutelsat S.A.
- Orange
- Belgacom 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.
- TDC 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

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