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Peer Comparison: European Cable Operators Jan 05
Standard & Poors, Jan 2005
Abstract
This report compares the relative credit quality and rating drivers of three characteristic European cable companies, namely Kabel Deutschland GmbH (KDG; B+/Stable/--), Telenet Communications N.V. (Telenet; B+/Stable/--) and Telewest Communications Networks Ltd. (Telewest; BB-/Stable/--). These companies represent a good cross-section of Europe's cable industry, and although they enjoy similar ratings, each player operates a different business model and carries differing levels of leverage. The remaining rated cable entities in the region--Cablecom Holdings AG (B/Positive/--), Cableuropa S.A.U. (CCC+/Positive/--), Kabel Baden-Wuerttemberg GmbH Co. KG (B/Stable/--), NTL Inc. (B+/Positive/--), Tele Columbus AG & Co. KG (B+/Stable/--), and United GlobalCom Inc. (UPC; B/Watch Pos/--)--all have profile elements of the three compared issuers to various degrees. The different credit profiles of KDG, Telenet, and Telewest...
Companies mentioned in this report are: British Telecommunications PLC,Belgacom S.A.,British Sky Broadcasting Group PLC,UnitedGlobalCom Inc.,Virgin Media Holdings Inc.,Deutsche Telekom AG,Cableuropa S.A.U.,Telewest Communications Networks Ltd.,Telenet Communications N.V.,Cablecom Holdings AG,Tele Columbus GmbH & Co. KG,Kabel Deutschland Vertrieb und Service GmbH,Kabel BW GmbH
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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