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RCS & RDS S.A.
Standard & Poors, May 2011
Abstract
Economies of scale in Romania thanks to solid market positions in most core services. Contribution to growth and low churn from an increased share of bundled services. Headroom for significant growth in broadband services, supported by network capacity. Aggressive liquidity management and challenging amortization schedule. Acquisitive nature and strong focus on network investments. Substantial exposure to foreign exchange rates in operating structure. Competitive core markets and exposure to Eastern European markets with volatile macroeconomic prospects. The rating on Romania-headquartered quadruple-play telecoms and pay-TV services provider RCS & RDS S.A. is constrained by Standard & Poor's Ratings Services' view of the company's aggressive liquidity management and challenging amortization schedule in the medium to long term. Further constraints include a strong focus...
Companies mentioned in this report are: RCS & RDS S.A.
Action: Review
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: Full Analysis
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