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BULLETIN: JSC Mobile TeleSystems to Acquire 57.7% of Ukrainian Mobile for $194.2 Mil
Standard & Poors, Nov 2002
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 holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
Abstract
Standard & Poor's Ratings Services said today that its ratings and outlook on Russia-based mobile telecommunications operator JSC Mobile TeleSystems (MTS; B+/Stable/--) are not affected by the announcement of MTS' intention to acquire 57.7% of Ukrainian Mobile Communications (UMC), a leading Ukrainian mobile operator, for $194.2 million. Standard & Poor's considers debt financing of the transaction to be credit dilutive, particularly as UMC's business risk is higher than that of MTS. The transaction could significantly increase MTS' leverage and foreign-denominated debt and, therefore, heighten foreign exchange risk. There is, however, headroom within the current ratings for MTS to undertake this transaction. As part of the transaction, MTS will guarantee UMC's loans from its current shareholders totaling $58.1 million. In addition,...
Companies mentioned in this report are: Mobile TeleSystems (OJSC),TDC A/S
Action: S&P Event
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