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BULLETIN: Telenor Sells One-Half of Interest in Greek Mobile Operator Cosmote for ?272 Million May 03
Standard & Poors, May 2003
Abstract
LONDON (Standard & Poor's) May 1, 2003--Standard & Poor's Ratings Services said today that its ratings on Norwegian-based telephony group Telenor ASA (A-/Stable/A-2) were not affected by the announcement yesterday that the group had sold one-half of its 18% holding in Cosmote S.A., the leading Greek mobile operator and subsidiary of Hellenic Telecommunications Organization S.A. (A/Stable/--), for Norwegian krone (NKr) 2.1 billion ($0.3 billion) in cash. 'Cosmote is a good business but was not seen as strategically core for Telenor, because the group only held a minority 18% interest and, therefore, there was no clear opportunity to obtain complete control of the company,' said Standard & Poor's credit analyst Simon Redmond. 'It is expected that the cash proceeds will be...
Companies mentioned in this report are: Telenor ASA,BellSouth Telecommunications Inc.,Hellenic Telecommunications Organization S.A.
Action: S&P Event
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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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