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Research Update: Telenor ASA 'BBB+/A-2' Ratings Affirmed; Outlook Remains Negative On Revised Indian Start-Up Funding Strategy Jan 09
Standard & Poors, Jan 2009
Abstract
On Jan. 28, 2009, Standard & Poor's Ratings Services 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. 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 Indian investment and group purposes. Although aggressive, the resulting increase in both financial and...
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.
Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.
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