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Bulletin: France Telecom Ratings Unaffected By Announced Merger Of Swiss Operations Nov 09 Product Image

Bulletin: France Telecom Ratings Unaffected By Announced Merger Of Swiss Operations Nov 09

  • ID: 1711612
  • November 2009
  • Region: France, Switzerland
  • Standard & Poors

Abstract
MADRID (Standard & Poor's) Nov. 26, 2009--Standard & Poor's Ratings Services said today that its ratings and outlook on telecommunications operator France Telecom S.A. (FT; A-/Stable/A-2) are unaffected by FT's announcement this morning that it has reached an agreement with Danish telecom operator TDC A/S (BB-/Positive/B) to combine their respective Swiss operations, Orange Switzerland and Sunrise Communications S.A. The transaction, which would enable FT to become a 75% shareholder in the combined entity, would imply a payment of €1.5 billion by FT to TDC at closing, with several options for a subsequent acquisition of TDC's remaining 25% stake as of the first anniversary of closing for a minimum price of €1.2 billion. In our view, FT has headroom under its...

Companies mentioned in this report are:
- Orange
- TDC A/S

Action: Bulletin

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.

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