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Industry Report Card: EMEA's Largest Telecoms And Satellite Operators Move On M&A, The Main Short-Term Uncertainty For The Ratings Jul 08
Standard & Poors, July 2008
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: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
Abstract
Well in line with Standard & Poor's Ratings Services' expectations for the sector at year-end 2007, the credit trends for the largest telecommunications and satellite operators in Europe, the Middle East, and Africa (EMEA) were stable overall in the first half of 2008, with only a limited number of rating actions (see chart 1) and no unwelcome surprises in earnings reports or novelties regarding the operating environment. Mergers and acquisitions (M&A) activity has accelerated, however--despite ongoing depressed conditions in the credit and equity markets--and has made the headlines, with the announcement of, or--as some companies put it--the announced contemplation of, very high-profile transactions. The main credit drivers are similar to those observed in 2007--uneven operating performance among operators and stiff...
Companies mentioned in this report are: Telefonica S.A.,Vivendi S.A.,France Telecom S.A.,Belgacom S.A.,TeliaSonera AB,Koninklijke KPN N.V.,Deutsche Telekom AG,Telefonica O2 Czech Republic a.s.,TDC A/S,Hellenic Telecommunications Organization S.A. ,Telekomunikacja Polska S.A.,Vodafone Group PLC ,Telecom Italia SpA,Swisscom AG,Telekom Austria AG,BT Group PLC,Saudi Telecom Co.
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