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Industry Report Card: High-Yield Telecoms in Europe, The Middle East, And Africa Oct 05
Standard & Poors, Oct 2005
Abstract
There has been considerable activity among European, Middle-Eastern, and African (EMEA) high-yield telecommunications credit ratings since the publication of the last report card on April 18, 2005, with 23 rating actions. There have, however, been no downgrades and only two ratings are on CreditWatch with negative implications, resulting from merger and acquisition activity. This reflects generally good operating performance in a supportive economic and financial environment. Since the last report card there have been five upgrades, seven ratings have been placed on CreditWatch with positive implications and one on CreditWatch with negative implications. One CreditWatch has been resolved, two outlooks have improved, three ratings have been affirmed, three new ratings have been assigned, and one rating has been withdrawn. The...
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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