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Summary: Telefonica de Argentina S.A. Jun 11
Standard & Poors, June 2011
Abstract
Standard & Poor's Rating Services' 'B' long-term corporate credit rating on Argentina-based telecommunication service provider Telef-nica de Argentina S.A. (TASA), reflects the high political and regulatory risk and volatile economic environment in Argentina, as well as the company's relatively high exposure to increased operating costs in a context of freeze-regulated tariffs. The company's solid market position, efficient operations, low leverage, and sound financial metrics partially mitigate those risks. The telecommunication industry in Argentina continues to face high political and regulatory risk. In February 2006, TASA signed a memorandum of understanding with the government related to the renegotiation of its license contract. As of the date of this report, there was not material progress regarding its implementation. TASA's revenues in Argentine...
Companies mentioned in this report are: Telefonica de Argentina 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.
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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