|
|
 |
|
Viewing report
|
|
|
|
BULLETIN: Bouygues S.A. to Buy Telecom Italia Stake in Bouygues Telecom Feb 02
Standard & Poors, Feb 2002
Abstract
Standard & Poor's said today that French conglomerate Bouygues S.A.'s (A-/Stable/A-2) announcement that it has reached an agreement to buy out Telecom Italia Group SpA's 10.78% stake in Bouygues Telecom will have no impact on Bouygues' ratings or outlook. The transaction, which will increase Bouygues' stake in its telecoms subsidiary to 64.5% from 53.72%, is subject to the exercise of one shareholder's (Jean Claude Decaux International) pre-emptive rights and some administrative approval. Despite the -750 million cost, which will be cash financed, the group's EBITDA net interest coverage and FFO-to-net debt ratios will remain significantly higher than 10 times and 45%, respectively--the minimum levels determined by Standard & Poor's as commensurate with the current ratings. The ratings on Bouygues continue...
Companies mentioned in this report are: Bouygues S.A.,Telecom Italia SpA
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.
|
|
|
|
