Imark
Forumer storico
Fitch conferma il rating di 6 ex monopolisti nazionali della telefonia europea sulla base di fattori di tipo compartimentale.
In buona sostanza, secondo Fitch, finché il contesto resta caratterizzato dalle sfide competitive emergenti dalla "maturazione" dei mercati europei, le telecom in questione hanno la possibilità di venirne fuori attraverso politiche di contenimento dei costi, almeno fin quando le misure di austerità varate da taluni governi europei dovessero imporre una nuova tornata di tagli ai costi, ma questi dovessero trovare un ostacolo in un contesto socio-politico dal quale emergessero pressioni idonee a contrastare decisioni improntate alla salvaguardia dei margini.
L'attuale contesto macroeconomico ha indotto le telecom in questione a ridimensionare gli investimenti nell'upgrade delle infrastrutture, e ridotto grandemente la pressione generata sui rating dalla crescita dei capex. Fitch si attende ulteriore rimodulazione (e dunque riduzione) del capex negli anni a venire...
Fitch Affirms Ratings of 6 European Incumbent Telecom Operators
28 May 2010 4:34 AM (EDT)
Fitch Ratings-London/Moscow-28 May 2010: Fitch Ratings has today affirmed the ratings of six European incumbent telecom operators following a peer review of its incumbent operator portfolio. The ratings actions are as follows:
BT Group plc:
Long-term Issuer Default Rating (IDR) affirmed at 'BBB'; Outlook Stable
Short-term IDR affirmed at 'F2'
British Telecommunications plc:
Long-term Issuer Default Rating (IDR) affirmed at 'BBB'; Outlook Stable
Short-term IDR affirmed at 'F2'
Senior unsecured rating affirmed at 'BBB'
Deutsche Telekom AG:
Long-term Issuer Default Rating (IDR) affirmed at 'BBB+'; Outlook Stable
Short-term IDR affirmed at 'F2'
Senior unsecured rating affirmed at 'BBB+'
France Telecom SA:
Long-term IDR affirmed at 'A-'; Outlook Stable
Short-term IDR affirmed at 'F2'
Senior unsecured rating affirmed at 'A-'
Perpetual Hybrid Notes affirmed at 'BBB'
Royal KPN N.V.:
Long-term IDR affirmed at 'BBB+'; Outlook Stable
Senior unsecured rating affirmed at 'BBB+'
Telecom Italia SpA:
Long-term Issuer Default Rating (IDR) affirmed at 'BBB'; Outlook Stable
Senior unsecured rating affirmed at 'BBB'
Telecom Italia Capital and Telecom Italia Finance SA:
Senior unsecured ratings of the bonds guaranteed by Telecom Italia SpA affirmed at 'BBB'
Telefonica SA:
Long-term IDR affirmed at 'A-'; Outlook Stable
Short-term IDR affirmed at 'F2'
Senior unsecured rating affirmed at 'A-'
Telefonica Finance USA LLC affirmed at 'BBB-'
Fitch notes that there is no upward rating potential in the peer review group at present, and the review focused more on potential downward triggers.
The Stable Outlooks reflect the ability of the issuer review group to withstand stressed forecasts over the next 18-24 months. Central to the peer review was the consideration of telecom incumbents expected relative position with regards to individual company-specific traits and financial profiles as laid out in Fitch's criteria report published on 10 February 2010. (For further information, please see the report, entitled 'Rating European Telecoms Companies - Sector Credit Factors', which is available at FitchResearch.)
With the European telecoms sector facing increasing maturity and numerous top line revenue pressures, Fitch judged it important to examine common sector themes and their effect on different operators while recognising individual operator distinctions.
The review found that some new themes are growing in significance, particularly as domestic European markets mature.
For example, the growing reliance on competitive emerging markets to underpin headline growth forecasts for some issuers, and the rise of potential cash flow pressures caused by continued economic weakness in certain European geographies which are most affected by sovereign austerity programmes.
Overall, Fitch expects cost control to remain a central focus across the peer group and notes that some operators have progressed well in that respect. However, potential constraints to deliver further savings, as initially planned, could arise, against the backdrop of a more socially-sensitive environment as some governments unfold their austerity measures.
Due to continued economic uncertainty and a lack of regulatory clarity on Next Generation Network (NGN) investment in both mobile and fixed line, capex pressures have abated somewhat. Fitch therefore expects European capital expenditure profiles for the reviewed names to be more phased over the next few years. This should allow some operators to better manage their free cash flow profile.
Finally, liquidity is also solid across the peer review names as operator caution over continued volatility in the capital markets weighs in favour of early refinancing and conserving balance sheet cash.
In buona sostanza, secondo Fitch, finché il contesto resta caratterizzato dalle sfide competitive emergenti dalla "maturazione" dei mercati europei, le telecom in questione hanno la possibilità di venirne fuori attraverso politiche di contenimento dei costi, almeno fin quando le misure di austerità varate da taluni governi europei dovessero imporre una nuova tornata di tagli ai costi, ma questi dovessero trovare un ostacolo in un contesto socio-politico dal quale emergessero pressioni idonee a contrastare decisioni improntate alla salvaguardia dei margini.
L'attuale contesto macroeconomico ha indotto le telecom in questione a ridimensionare gli investimenti nell'upgrade delle infrastrutture, e ridotto grandemente la pressione generata sui rating dalla crescita dei capex. Fitch si attende ulteriore rimodulazione (e dunque riduzione) del capex negli anni a venire...
Fitch Affirms Ratings of 6 European Incumbent Telecom Operators
28 May 2010 4:34 AM (EDT)
Fitch Ratings-London/Moscow-28 May 2010: Fitch Ratings has today affirmed the ratings of six European incumbent telecom operators following a peer review of its incumbent operator portfolio. The ratings actions are as follows:
BT Group plc:
Long-term Issuer Default Rating (IDR) affirmed at 'BBB'; Outlook Stable
Short-term IDR affirmed at 'F2'
British Telecommunications plc:
Long-term Issuer Default Rating (IDR) affirmed at 'BBB'; Outlook Stable
Short-term IDR affirmed at 'F2'
Senior unsecured rating affirmed at 'BBB'
Deutsche Telekom AG:
Long-term Issuer Default Rating (IDR) affirmed at 'BBB+'; Outlook Stable
Short-term IDR affirmed at 'F2'
Senior unsecured rating affirmed at 'BBB+'
France Telecom SA:
Long-term IDR affirmed at 'A-'; Outlook Stable
Short-term IDR affirmed at 'F2'
Senior unsecured rating affirmed at 'A-'
Perpetual Hybrid Notes affirmed at 'BBB'
Royal KPN N.V.:
Long-term IDR affirmed at 'BBB+'; Outlook Stable
Senior unsecured rating affirmed at 'BBB+'
Telecom Italia SpA:
Long-term Issuer Default Rating (IDR) affirmed at 'BBB'; Outlook Stable
Senior unsecured rating affirmed at 'BBB'
Telecom Italia Capital and Telecom Italia Finance SA:
Senior unsecured ratings of the bonds guaranteed by Telecom Italia SpA affirmed at 'BBB'
Telefonica SA:
Long-term IDR affirmed at 'A-'; Outlook Stable
Short-term IDR affirmed at 'F2'
Senior unsecured rating affirmed at 'A-'
Telefonica Finance USA LLC affirmed at 'BBB-'
Fitch notes that there is no upward rating potential in the peer review group at present, and the review focused more on potential downward triggers.
The Stable Outlooks reflect the ability of the issuer review group to withstand stressed forecasts over the next 18-24 months. Central to the peer review was the consideration of telecom incumbents expected relative position with regards to individual company-specific traits and financial profiles as laid out in Fitch's criteria report published on 10 February 2010. (For further information, please see the report, entitled 'Rating European Telecoms Companies - Sector Credit Factors', which is available at FitchResearch.)
With the European telecoms sector facing increasing maturity and numerous top line revenue pressures, Fitch judged it important to examine common sector themes and their effect on different operators while recognising individual operator distinctions.
The review found that some new themes are growing in significance, particularly as domestic European markets mature.
For example, the growing reliance on competitive emerging markets to underpin headline growth forecasts for some issuers, and the rise of potential cash flow pressures caused by continued economic weakness in certain European geographies which are most affected by sovereign austerity programmes.
Overall, Fitch expects cost control to remain a central focus across the peer group and notes that some operators have progressed well in that respect. However, potential constraints to deliver further savings, as initially planned, could arise, against the backdrop of a more socially-sensitive environment as some governments unfold their austerity measures.
Due to continued economic uncertainty and a lack of regulatory clarity on Next Generation Network (NGN) investment in both mobile and fixed line, capex pressures have abated somewhat. Fitch therefore expects European capital expenditure profiles for the reviewed names to be more phased over the next few years. This should allow some operators to better manage their free cash flow profile.
Finally, liquidity is also solid across the peer review names as operator caution over continued volatility in the capital markets weighs in favour of early refinancing and conserving balance sheet cash.
dice che il mercato ha reazioni spopositate, che addirittura c'è gente che vocifera di un possibile trasferimento della sede legale della società in UK, per fare una ristrutturazione "Hellas style" (ossia di quelle in cui i bondholders recuperano zero, in quanto la corte UK sancisce che la presenza di debito sovraordinato non lascia alcuna disponibilità ai creditori sottostanti, e li esclude dalla procedura) ... 
