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

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

Action: Bulletin

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- Orange

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