EMEA Speculative-Grade Telcos Are Managing Liquidity So Far, But Nine Show Some Vulnerability In 2008 Jan 08

Standard & Poors, January 2008

Abstract
Since the crisis hit the U.S. housing and subprime mortgage markets in mid-2007, the global capital markets have been virtually closed and most of the market liquidity and friendly credit terms that prevailed in previous years have dried up. Cash fuels the corporate sector, and its availability in the capital markets is, at present, a rare commodity. How prepared are speculative-grade telecommunications, cable, and satellite operators in Europe, the Middle East, and Africa (EMEA) to withstand these conditions over a prolonged period? How many quarters of denied access to the capital markets would it take to see the first default in the sector? Does Standard & Poor's Ratings Services already envisage a potential liquidity crisis for any of its rated...

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.

Cable & Wireless Ltd.,Millicom International Cellular S.A.,Netia S.A.,Colt Technology Services Ltd.,Cableuropa S.A.U.,Wind Telecomunicazioni SpA,North-West Telecom (JSC),Uralsvyazinform (OJSC),Southern Telecommunications Co. (OJSC),Kazakhtelecom (JSC),VolgaTelecom (OJSC),JSC VTB Bank,Kabel Deutschland Vertrieb und Service GmbH,Global Crossing (U.K.) Telecommunications Ltd.,Unitymedia GmbH,Tiscali SpA,Cell C (Pty) Ltd.,Orascom Telecom Holdings S.A.E.,WIND Hellas Telecommunications S.A.,Liberty Global Inc.,Virgin Media Inc.,ERC Ireland Finance Ltd.,Gateway Telecommunications S.A. (Proprietary) Ltd.,UAB Bite Lietuva,Versatel AG,Invitel Holdings A/S

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