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Telenor ASA 'BBB+/A-2' Ratings Affirmed; Outlook Remains Negative On Revised Indian Start-Up Funding Strategy Jan 09
Standard & Poors, Jan 2009
Abstract
LONDON (Standard & Poor's) Jan. 28, 2009--Standard & Poor's Ratings Services said today that it affirmed its 'BBB+' long-term and 'A-2' short-term corporate credit ratings on leading Norwegian and global mobile telecommunications provider Telenor ASA. The outlook remains negative. 'The affirmation follows the announcement that Telenor is no longer to launch a Norwegian krone (NOK) 12.0 billion equity rights offering as part of the funding for its Indian start-up, Unitech Wireless,' said Standard & Poor's credit analyst Simon Redmond. 'Instead, rather than distribute dividends in 2009 and most likely 2010, the company intends to redeploy to the Indian joint venture its internally generated cash flows. Telenor has additionally raised a NOK8.0 billion bank facility to provide additional liquidity for the...
Companies mentioned in this report are: Telenor ASA
Action: Affirmed
Action: Outlook: Negative
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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