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BULLETIN: Bouygues S.A.'s French Telecom Subsidiary Will Bid for UMTS License Apr 02
Standard & Poors, April 2002
Abstract
Standard & Poor's said today that Bouygues S.A.'s (A-/Stable/A-2) announcement that French mobile operator Bouygues Telecom, its 64.5%-owned subsidiary, will bid for a UMTS (Universal Mobile Telecommunications System) license in France, will have no impact on Bouygues S.A.'s ratings or outlook. The cost of the license (-619 million) will be financed by a capital increase, which will be subscribed by Bouygues S.A. Although this will increase the group's indebtedness, Standard & Poor's expects EBITDA net interest coverage and funds from operations-to-net debt ratios to remain above 10 times and 45%, respectively--the minimum levels determined as commensurate with the current ratings. This assumes, however, that no additional significant debt-financed investments unexpectedly arise before year-end, as the group is now approaching these...
Companies mentioned in this report are: Bouygues S.A.
Action: S&P Event
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
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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