Summary: Telenor ASA Jul 09

Standard & Poors, July 2009

Abstract
The ratings on Norwegian-based telecommunications provider Telenor ASA reflect the company's strong domestic fixed-line and mobile businesses and solid cash generation. They additionally reflect potential support from the Kingdom of Norway (AAA/Stable/A-1+). These strengths are offset by the significant risk involved in its Indian investment, persistent competitive and regulatory pressures in Telenor's Nordic markets, and the volatility and partial ownership of international mobile businesses. International mobile activities, although growing and diversified, have weak business profiles, are often partly owned, and expose Telenor to significant foreign-exchange and country-related risks. The 'A-' rating on Telenor is based on the company's stand-alone credit profile (SACP), which Standard & Poor's Ratings Services assesses at 'BBB+', as well as on our opinion that there is...

Companies mentioned in this report are: Telenor ASA
Action: Review

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Telenor ASA

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