Issuer Ranking: EMEA Telecoms, Cable, And Satellite Operators, Strongest To Weakest Nov 11

Standard & Poors, November 2011

Abstract
The table below ranks all of the rated companies in this industry from strongest to weakest, based on rating and outlook. Companies with the same rating and outlook are further ranked by our opinion of credit quality, which is based primarily on business risks for investment-grade companies and primarily on financial risks for speculative-grade companies. Corporate business risk profiles are categorized as excellent, strong, satisfactory, weak, or vulnerable. Financial risk profiles are categorized as minimal, modest, intermediate, aggressive, or highly leveraged. Both qualifications refer to the companies' stand-alone characteristics, that is, without taking into account any extraordinary state support. For further details of our classification of business and financial risk, please refer to the following Standard & Poor's corporate criteria...

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.

- Telefonica S.A.
- Vivendi S.A.
- France Telecom S.A.
- Belgacom S.A.
- TeliaSonera AB
- Telkom S.A. Ltd.
- Koninklijke KPN N.V.
- Deutsche Telekom AG
- Rostelecom OJSC
- Telefonica Czech Republic AS
- TDC A/S
- Turkcell Iletisim Hizmetleri A.S.
- Portugal Telecom SGPS S.A.
- Hellenic Telecommunications Organization S.A.
- Telekomunikacja Polska S.A.
- Cableuropa S.A.U.
- Vodafone Group PLC
- Mobile TeleSystems (OJSC)
- Wind Telecomunicazioni SpA
- Telecom Italia SpA
- Elisa Corp.
- Swisscom AG
- Bouygues S.A.
- SES S.A.
- Telekom Austria AG
- Telenor ASA
- Kazakhtelecom JSC
- BT Group PLC
- Inmarsat Holdings Ltd.
- MegaFon OJSC
- Global Crossing (U.K.) Telecommunications Ltd.
- Kabel Deutschland Holding AG
- Unitymedia KabelBW GmbH
- Cell C (Pty) Ltd.
- Liberty Global Inc.
- Virgin Media Inc.
- Colt Group S.A.
- UAB Bite Lietuva
- Eutelsat Communications S.A.
- Invitel Holdings A/S
- Saudi Telecom Co.
- Emirates Telecommunications Corp. (Etisalat)
- Qatar Telecom (Qtel) Q.S.C.
- Polkomtel S.A.
- Interxion Holding N.V.
- Ypso Holding Sarl
- Cable & Wireless Communications PLC
- Ziggo Bond Co. B.V.
- Sunrise Communications Holdings S.A.
- Kabel BW Erste Beteiligungsgesellschaft mbH
- Tyrol Acquisition 1 SAS
- VictorianFibre Holding GmbH
- Coditel Holding Lux Sarl
- ERC Ireland Preferred Equity Ltd.
- VimpelCom Ltd.

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