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Summary: SingTel Optus Pty Ltd.
Standard & Poors, May 2011
Abstract
The corporate credit rating on SingTel Optus Pty Ltd. (Optus), Australia's second-largest telecommunications operator, reflects the 'A+' rating on the company's parent company, Singapore Telecommunications Ltd. (SingTel; A+/Stable/A-1). Also underpinning the rating is our opinion of Optus' solid market shares in its key business segments (including a one-third market share in the mobile sector in Australia), the company's low debt levels, and its strong free operating cash flow. These strengths are partly offset by the increasingly competitive operating environment in Australia; significant capital-expenditure requirements associated with ongoing technological change; and the company's concentrated earnings profile, which is dominated by mobile services. SingTel does not guarantee Optus' debt obligations; however, the rating on Optus benefits from the credit quality of its...
Companies mentioned in this report are: SingTel Optus Pty Ltd.,Singapore Telecommunications Ltd.
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.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
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