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Industry Report Card: Latin American Telecommunications and Cable Apr 04
Standard & Poors, April 2004
Abstract
The telecommunication industry in the region stabilized somewhat during the past six months. About 22% of total rated companies are in default (compared to 39% as of Oct. 6, 2003). Furthermore, for rated companies with outlooks assigned (see Chart 1), 61% have stable outlooks, 17% have positive outlooks, and 22% have negative outlooks or are on CreditWatch with negative implications. There are several trends that presently condition the credit quality of telecom and cable companies in the region: the regulatory tariff revision in Chile, open regulatory matters in many of the countries, increased competition, and still somewhat volatile conditions in South America (with consequent impact on companies' access to capital markets). Even in that context, however, the telecommunications sector continued...
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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