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BULLETIN: Ratings, Outlooks on French Mobile Phone Companies Unaffected by New Planned Tax Mar 04
Standard & Poors, March 2004
Abstract
MILAN (Standard & Poor's) March 19, 2004--Standard & Poor's Ratings Services said today that the French government's plan to levy an annual 1% tax on mobile telephone operators' revenues upon renewal of the companies' GSM licences would leave the ratings and outlooks on these companies (or on their parent companies) unaffected. Holders of a GSM license in France include Orange S.A. (BBB+/Positive/--), the mobile subsidiary of France Telecom (BBB+/Positive/A-2); SFR (not rated), which is 56%-owned by Vivendi Universal S.A. (BB/Watch Pos/B) and 44%-owned by Vodafone Group PLC (A/Stable/A-1); and Bouygues Telecom S.A. (not rated), 83%-owned by French conglomerate Bouygues S.A. (A-/Stable/A-2). Orange and SFR are to renew their licenses in 2006 for 15 years, and Bouygues Telecom is to renew...
Companies mentioned in this report are: France Telecom S.A.,Vivendi S.A.,Orange S.A.,Vodafone Group PLC ,Bouygues S.A.
Action: Bulletin
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: News
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