Summary: Elisa Corp. Feb 13

Standard & Poors, February 2013

Abstract
The ratings on Finnish fixed-line and mobile telecommunications operator Elisa Corp. reflect Standard & Poor's Ratings Services' assessment of the company's business risk profile as "satisfactory," including our assessment of its management and governance as "satisfactory," and its financial risk profile as "intermediate," according to our criteria. Our view of the business risk profile is underpinned by Elisa's leading and sustainable positions in its domestic market, state-of-the-art network, effective cost optimization, and our anticipation that the company should be able to maintain margins at the current levels. Our view of the financial risk profile is underpinned by Elisa's financial policy, which targets net debt to EBITDA of between 1.5x and 2.0x, and our anticipation of solid free operating cash flow...

Companies mentioned in this report are:
- Elisa Corp.

Action: Review

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.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

- Elisa Corp.

Customers who bought this item also bought

• External Quality Audit: Has It Improved Quality Assurance In Universities?
• The Finnish Defense Industry - Market Attractiveness and Emerging Opportunities to 2017: Market Profile
• Evidence-Based Bullying Prevention Programs for Children and Youth. New Directions for Youth Development, Number 133. J-B MHS Single Issue Mental Health Services
• The Finnish Defense Industry - Procurement Market Dynamics to 2017: Market Profile
• Crisis Information Management: Communication and Technologies
• Defense Expenditure in Finland to 2015 - Market Sizing and Forecasts: Market Profile
• The Finnish Defense Industry - Market Opportunities and Entry Strategies, Analyses and Forecasts to 2017
• The Finland Defense Industry - Market Attractiveness and Emerging Opportunities to 2016: Market Profile
• The Finnish Defense Industry - Market Entry Strategy to 2017: Market Profile
• The Finland Defense Industry - Defense Procurement Market Dynamics to 2016: Market Profile