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Issuer Ranking: EMEA Telecoms, Cable, And Satellite Operators, Strongest To Weakest Jul 08
Standard & Poors, July 2008
Abstract
Ratings and credit dynamics among the 60 or so (publicly rated telecommunications, cable, and satellite operators in the EMEA region (Europe, the Middle East, and Africa) understandably differ greatly depending on the companies' business profiles--in particular, the existence or not of incumbent status--core markets, and financial profiles. Standard & Poor's Ratings Services' ratings distribution in the sector can be grouped broadly into three categories: 1) telecoms incumbents and solidly established mobile operators in Europe with strong-to-satisfactory business profiles but long-term ratings nevertheless ranging widely from 'A+' to 'B+', depending on the companies' capital structure; 2) telecoms companies operating in emerging markets, such as Russia or Africa, often with rapidly growing operations but with business profiles commonly categorized as weak and...
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.
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