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Issuer Ranking: EMEA Telecoms, Cable, And Satellite Operators, Strongest To Weakest Apr 10
Standard & Poors, April 2010
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
Rating and credit dynamics among the 60 publicly-rated telecommunications, cable, and satellite operators in the EMEA (Europe, the Middle East, and Africa) region understandably differ greatly depending on the companies' business profiles (in particular, whether or not they are incumbents), core markets, and financial profiles. Standard & Poor's Ratings Services broadly groups its ratings distribution in the sector into three categories: Telecoms incumbents (originally established as regulated monopolies) and solidly established mobile operators in Europe. Their business profiles range from 'strong' to 'satisfactory' but their long-term corporate credit ratings range more widely, from 'A+' to 'B-', depending on each company's capital structure. Telecoms companies operating in emerging markets, such as Russia or Africa. They often benefit from a supportive growth...
Companies mentioned in this report are: Telefonica S.A.,Vivendi S.A.,France Telecom S.A.,Belgacom S.A.,TeliaSonera AB,Telkom S.A. Ltd. ,Koninklijke KPN N.V.,Deutsche Telekom AG,OJSC Rostelecom,Telefonica O2 Czech Republic a.s.,Moscow City Telephone Network (JSC),Colt Technology Services Ltd.,Vimpel-Communications (JSC),TDC A/S,Turkcell Iletisim Hizmetleri A.S.,Portugal Telecom SGPS S.A.,Hellenic Telecommunications Organization S.A. ,Telekomunikacja Polska S.A.,Vodafone Group PLC ,Mobile TeleSystems (OJSC),Wind Telecomunicazioni SpA,Telecom Italia SpA,Elisa Corp.,Sistema (JSFC),Swisscom AG,SES S.A.,Telekom Austria AG,North-West Telecom (JSC),Uralsvyazinform (OJSC),Central Telecommunications Co. (OJSC),Southern Telecommunications Co. (OJSC),Kazakhtelecom (JSC),VolgaTelecom (OJSC),BT Group PLC,Kabel Deutschland GmbH,Inmarsat Holdings Ltd.,OJSC MegaFon,Global Crossing (U.K.) Telecommunications Ltd.,Cell C (Pty) Ltd.,Orascom Telecom Holdings S.A.E.,WIND Hellas Telecommunications S.A.,Virgin Media Inc.,ERC Ireland Preferred Equity Ltd.,Comstar United TeleSystems (JSC),UAB Bite Lietuva,Eutelsat Communications S.A.,Versatel AG,Invitel Holdings A/S,Saudi Telecom Co.,Emirates Telecommunications Corp. (Etisalat),Qatar Telecom (Qtel) Q.S.C.,Polkomtel S.A.,Interxion Holding N.V.,Cable & Wireless Communications PLC
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