Research Update: Ukraine Telecom Operator Kyivstar Ratings Raised To 'B+' On Strong Performance; Outlook Stable Mar 05

  • ID: 1832059
  • March 2005
  • Region: Ukraine
  • Standard & Poors
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On March 18, 2005, Standard & Poor's Ratings Services raised its long-term corporate credit and senior unsecured debt ratings on Ukraine-based mobile telecommunications operator CJSC Kyivstar GSM (Kyivstar) to 'B+' from 'B'. The outlook is stable. The rating action reflects the strong market performance and solid execution to date of the company's growth program. Kyivstar has successfully defended its strong market position and has maintained its solid EBITDA profitability margins of more than 59%, while materially growing funds from operations in an environment where competition and penetration rates have increased. Significant growth potential in the 29%-penetrated domestic market remains, indicating further cash flow growth potential for mobile operators. Standard & Poor's is comfortable that Kyivstar will be in a position...

Companies mentioned in this report are: CJSC Kyivstar GSM,Telenor ASA
Action: Upgraded

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CJSC Kyivstar GSM,Telenor ASA

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