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The Top 10 Credit Risks Facing European Telecoms Incumbents Apr 07
Standard & Poors, April 2007
Abstract
The pace of change in the telecoms sector has been accelerating over the past few years, driven by Internet protocol-based and broadband technologies; the emergence of new telecoms players with alternative infrastructure, such as cable; and Internet-based solutions, such as Skype. At the same time, the worldwide consolidation trend has accelerated significantly, and now involves emerging-market players from the Middle East, Russia, and Africa. Despite these challenges, the business profiles of Europe's largest telecoms operators generally remain solid, offering cash flow resilience and substantial financial strength to fund the development of new networks and technologies, retain customers, and actively participate in the consolidation and innovation trend. At the same time, however, business profiles are being exposed to continuing transformation, which,...
Companies mentioned in this report are: Telefonica S.A.,Vivendi S.A.,France Telecom S.A.,TeliaSonera AB,Telkom S.A. Ltd. ,Koninklijke KPN N.V.,Deutsche Telekom AG,Turkcell Iletisim Hizmetleri A.S.,Portugal Telecom SGPS S.A.,Hellenic Telecommunications Organization S.A. ,Telekomunikacja Polska S.A.,Vodafone Group PLC ,Telecom Italia SpA,Swisscom AG,Telekom Austria AG,Telenor ASA,CJSC Kyivstar GSM,BT Group PLC
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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