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Bulletin: Norwegian Telco Telenor ASA Ratings/Outlook Unchanged On News Of Deconsolidation Of Kyivstar Mar 07
Standard & Poors, March 2007
PARIS (Standard & Poor's) March 22, 2007--Standard & Poor's Ratings Services said today that its ratings and outlook on Norwegian integrated telecoms operator Telenor ASA (BBB+/Stable/A-2) remain unchanged after the company's announcement that it will deconsolidate its 56.5%-owned Ukrainian subsidiary CJSC Kyivstar GSM (BB-/Stable/--) from its 2006 accounts following Kyivstar's inability to provide required financial information (see our Feb. 22, 2007, bulletin "Kyivstar Ratings Unchanged On Possible Breach Of Eurobond Information Covenant," available on RatingsDirect). Telenor's decision reflects its inability to control or exercise significant influence over Kyivstar, given the current injunctions against the Ukrainian operator in connection with intense shareholder disputes. Standard & Poor's has, indeed, long analytically deconsolidated Kyvistar's contribution to Telenor's accounts (a material 20% of group...
Companies mentioned in this report are: Telenor ASA,CJSC Kyivstar GSM
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Telenor ASA,CJSC Kyivstar GSM