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Telkom S.A. Ltd. Dec 11
Standard & Poors, Dec 2011
Abstract
Clear leader in fixed-line telecommunications in South Africa. Good growth prospects for the broadband market. Robust operating cash flow generation. Relatively conservative financial policy. Moderately leveraged capital structure. Sustained fixed-to-mobile substitution, voice traffic revenue decline, and access line losses. Increasingly competitive fixed and mobile telecoms market in South Africa. Steady erosion of group EBITDA and profitability. Meaningful challenge to build a sizable and profitable domestic mobile asset. Lack of flexibility of the cost base. Standard & Poor's Ratings Services views South Africa-based telecommunications services provider Telkom S.A. Ltd.'s business risk profile as 'fair' and its financial risk profile as 'modest.' The ratings on Telkom primarily reflect its strong leadership position in the country's fixed-line telecommunications market, good growth prospects in...
Companies mentioned in this report are: Telkom S.A. Ltd. ,CenturyLink Inc.,Frontier Communications Corp.,Elisa Corp.,BT Group PLC
Action: Review
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: Full Analysis
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