Industry Report Card: EMEA Telecoms, Cable, And Satellite Sector Credit Quality May Falter Slightly As Europe's Economies Stay Glum May 12
Standard & Poors, May 2012
Abstract
The once again tough macroeconomic backdrop and deteriorating sovereign creditworthiness in most European countries are likely to contribute to further slight weakening in the ratings on companies in the telecommunications, cable, and satellite sector in Europe, the Middle East, and Africa (EMEA). In Standard & Poor's Ratings Services' opinion, the sector's operating resilience and high cash generation should largely offset macroeconomic woes, provided the biggest operators demonstrate their readiness to use their financial flexibility if necessary. Limited growth prospects, macroeconomic and sovereign weaknesses, sustained capital spending, regulatory constraints, and aggressive shareholder remuneration policies remain the chief factors pinning back our credit outlook. These constraints are particularly applicable to the large, traditional, integrated carriers that bear a big chunk of the...
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
- Hutchison Whampoa Ltd.
- 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
- America Movil S.A.B. de C.V.
- Bouygues S.A.
- SES S.A.
- Telekom Austria AG
- Telenor ASA
- Kazakhtelecom JSC
- BT Group PLC
- Inmarsat Holdings Ltd.
- MegaFon OJSC
- Kabel Deutschland Holding AG
- Kabel BW GmbH
- Unitymedia KabelBW GmbH
- Cell C (Pty) Ltd.
- Liberty Global Inc.
- Virgin Media Inc.
- Colt Group S.A.
- ERC Ireland Preferred Equity Ltd.
- UAB Bite Lietuva
- Eutelsat Communications S.A.
- Invitel Holdings A/S
- Saudi Telecom Co.
- Emirates Telecommunications Corp. (Etisalat)
- Qatar Telecom (Qtel) Q.S.C.
- Interxion Holding N.V.
- Ypso Holding Sarl
- Cable & Wireless Communications PLC
- Ziggo Bond Co. B.V.
- Sunrise Communications Holdings S.A.
- VimpelCom Ltd.
- Tyrol Acquisition 1 SAS
- Bahrain Telecommunications Company
- NorCell Sweden Holding 2 AB(publ)
- Metelem Holding Company Ltd.
- Everything Everywhere Ltd.
- Matterhorn Mobile Holdings S.A.
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