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Industry Report Card: European Speculative-Grade Telecoms, Cable, And Satellite Operators Hold Their Own Within The Bleak Operating Environment Aug 09
Standard & Poors, Aug 2009
Abstract
In line with Standard & Poor's Ratings Services' expectation at the beginning of 2009, speculative-grade telecoms operators in Europe, the Middle East, and Africa (EMEA) have so far managed to sail through the macroeconomic storm without excessive credit damages. Although rated European companies classified in this category have very different business models--they range from cable TV operators to alternative telecom service providers to mobile operators in emerging markets--the first quarter of 2009 and preliminary indications for the second quarter point to satisfactory operating resilience, and in some cases, steady growth despite bleak worldwide economic indicators. For several companies, these encouraging results have led us to revise business profiles and/or ratings upward, such as in the case of the two rated...
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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