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<item><link>http://www.alacrastore.com/storecontent/ccbn/T2000838</link><guid isPermaLink="false">ccbn/T2000838</guid><ccbn:index_mode xmlns:ccbn="http://www.alacra.com/ccbn">norm</ccbn:index_mode><description>... - TP Group -  Director Investor Relations Good morning, ladies and gentlemen. My name is Tomasz Pozniak and I am the Director of Investor Relations for TP Group.  Welcome to the conference call to discuss TP Group's results for three quarters of ####. The presentation will be conducted by Maciej Witucki, our President of the Board and CEO, and Roland Dubois, Chief Financial Officer. As usual format of this morning, call will be the presentation of approximately ## to ## minutes followed by questions and answers. The slides which accompany this presentation are available to download from our website at www.tp-ir.pl. So without further delay, I would like to hand over to my Maciej Witucki to begin the presentation. Maciej, the floor is yours. ...

</description><pubDate>10/29/2008 1:06:00 PM</pubDate><ccbn:name xmlns:ccbn="http://www.alacra.com/ccbn">Telekomunikacja Polska (TPSA)</ccbn:name><ccbn:price xmlns:ccbn="http://www.alacra.com/ccbn">54.0000</ccbn:price><ccbn:revision xmlns:ccbn="http://www.alacra.com/ccbn">Final</ccbn:revision><ccbn:storetitle xmlns:ccbn="http://www.alacra.com/ccbn">Telekomunikacja Polska (TPSA) Q3 2008 Earnings Conference Call Transcript</ccbn:storetitle><ccbn:ticker xmlns:ccbn="http://www.alacra.com/ccbn">TKMJYP</ccbn:ticker><ccbn:time xmlns:ccbn="http://www.alacra.com/ccbn">10:00am CET</ccbn:time><title>Telekomunikacja Polska (TPSA) Q3 2008 Earnings Conference Call Transcript</title><ccbn:type xmlns:ccbn="http://www.alacra.com/ccbn">Transcript</ccbn:type><ccbn:docid xmlns:ccbn="http://www.alacra.com/ccbn">T2000838</ccbn:docid><category>Credit &amp; Investment Research</category><alacra:ip>Thomson StreetEvents</alacra:ip></item><item><link>http://www.alacrastore.com/storecontent/spcred/679259</link><guid isPermaLink="false">spcred/679259</guid><spcred:index_mode xmlns:spcred="http://www.alacra.com/spcred">norm</spcred:index_mode><description>The latest Full Report from S&amp;P</description><spcred:dataset xmlns:spcred="http://www.alacra.com/spcred">global</spcred:dataset><spcred:dataset xmlns:spcred="http://www.alacra.com/spcred">structured</spcred:dataset><pubDate>10/28/2008 12:44:00 AM</pubDate><spcred:price xmlns:spcred="http://www.alacra.com/spcred">400</spcred:price><title>Telekomunikacja Polska S.A.</title><spcred:type xmlns:spcred="http://www.alacra.com/spcred">Full Report</spcred:type><spcred:docid xmlns:spcred="http://www.alacra.com/spcred">679259</spcred:docid><spcred:index_entry_dispcountry xmlns:spcred="http://www.alacra.com/spcred">Poland</spcred:index_entry_dispcountry><spcred:index_entry_dispgics xmlns:spcred="http://www.alacra.com/spcred">Integrated Telecommunication Services</spcred:index_entry_dispgics><spcred:index_entry_dispregion xmlns:spcred="http://www.alacra.com/spcred">Emerging Markets</spcred:index_entry_dispregion><spcred:index_entry_dispregion xmlns:spcred="http://www.alacra.com/spcred">Europe, Middle East, Africa</spcred:index_entry_dispregion><spcred:index_entry_dispregion xmlns:spcred="http://www.alacra.com/spcred">Latin America</spcred:index_entry_dispregion><spcred:index_entry_dispregion xmlns:spcred="http://www.alacra.com/spcred">United States</spcred:index_entry_dispregion><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Global Issuers</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Structured Finance</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Corporations</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Asset-Backed Securities</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Collateralized Debt Obligations</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Telecommunications &amp; Cable</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">High Technology</spcred:index_entry_dispsector><spcred:index_entry_disptype xmlns:spcred="http://www.alacra.com/spcred">Full Report</spcred:index_entry_disptype><spcred:index_entry_excerpt xmlns:spcred="http://www.alacra.com/spcred">Prudent capital structure and robust cash flow generation Solid positions in the growing mobile and broadband markets Operating and managerial synergies with strategic shareholder France Telecom S.A. Unrelenting regulatory pressure Growing competition from alternative mobile and fixed-line operators, while market growth has decelerated The rating on Polish integrated telecommunications operator Telekomunikacja Polska S.A. (TPSA) reflects the group's conservative capital structure and financial policy, solid cash flow generation, and synergies with its strategic shareholder France Telecom S.A. (A-/Stable/A-2). It is also supported by TPSA's sound positions in the growing Polish mobile and broadband telecoms markets. The rating is constrained primarily by unrelenting regulatory pressure and strong competition, which mainly affect the domestic fixed-line business. 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Investment Research</category><alacra:ip>S&amp;P Credit Research</alacra:ip></item><item><link>http://www.alacrastore.com/storecontent/spcred/679258</link><guid isPermaLink="false">spcred/679258</guid><spcred:index_mode xmlns:spcred="http://www.alacra.com/spcred">norm</spcred:index_mode><description>The latest Summary from S&amp;P</description><spcred:dataset xmlns:spcred="http://www.alacra.com/spcred">global</spcred:dataset><pubDate>10/28/2008 12:44:00 AM</pubDate><spcred:price xmlns:spcred="http://www.alacra.com/spcred">175</spcred:price><title>Summary: Telekomunikacja Polska S.A.</title><spcred:type xmlns:spcred="http://www.alacra.com/spcred">Summary</spcred:type><spcred:docid xmlns:spcred="http://www.alacra.com/spcred">679258</spcred:docid><spcred:index_entry_dispcountry xmlns:spcred="http://www.alacra.com/spcred">Poland</spcred:index_entry_dispcountry><spcred:index_entry_dispgics xmlns:spcred="http://www.alacra.com/spcred">Integrated Telecommunication Services</spcred:index_entry_dispgics><spcred:index_entry_dispregion xmlns:spcred="http://www.alacra.com/spcred">Emerging Markets</spcred:index_entry_dispregion><spcred:index_entry_dispregion xmlns:spcred="http://www.alacra.com/spcred">Europe, Middle East, Africa</spcred:index_entry_dispregion><spcred:index_entry_dispregion xmlns:spcred="http://www.alacra.com/spcred">Latin America</spcred:index_entry_dispregion><spcred:index_entry_dispregion xmlns:spcred="http://www.alacra.com/spcred">United States</spcred:index_entry_dispregion><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Global Issuers</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Corporations</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Telecommunications &amp; Cable</spcred:index_entry_dispsector><spcred:index_entry_disptype xmlns:spcred="http://www.alacra.com/spcred">Summary</spcred:index_entry_disptype><spcred:index_entry_excerpt xmlns:spcred="http://www.alacra.com/spcred">The rating on Polish integrated telecommunications operator Telekomunikacja Polska S.A. (TPSA) reflects the group's conservative capital structure and financial policy, solid cash flow generation, and synergies with its strategic shareholder France Telecom S.A. (A-/Stable/A-2). It is also supported by TPSA's sound positions in the growing Polish mobile and broadband telecoms markets. The rating is constrained primarily by unrelenting regulatory pressure and strong competition, which mainly affect the domestic fixed-line business. As of June 30, 2008, the group had gross financial debt (after derivatives) of Polish zloty (PLN) 8.4 billion (Â€2.5 billion). TPSA reported good first-half 2008 results, with sales up 1.1% year on year and the gross operating margin (GOM; a proxy for EBITDA that excludes certain items--see the accounting</spcred:index_entry_excerpt><spcred:index_entry_primcountry xmlns:spcred="http://www.alacra.com/spcred">POL</spcred:index_entry_primcountry><spcred:index_entry_primcusip xmlns:spcred="http://www.alacra.com/spcred">87943D</spcred:index_entry_primcusip><spcred:index_entry_primgics xmlns:spcred="http://www.alacra.com/spcred">50101020 501010 5010 50</spcred:index_entry_primgics><spcred:index_entry_primissuer xmlns:spcred="http://www.alacra.com/spcred">Telekomunikacja Polska S.A.</spcred:index_entry_primissuer><spcred:index_entry_primissuerid xmlns:spcred="http://www.alacra.com/spcred">328626</spcred:index_entry_primissuerid><spcred:index_entry_primreg xmlns:spcred="http://www.alacra.com/spcred">EMERGING</spcred:index_entry_primreg><spcred:index_entry_primreg xmlns:spcred="http://www.alacra.com/spcred">EUROMIDAFR</spcred:index_entry_primreg><spcred:index_entry_primreg xmlns:spcred="http://www.alacra.com/spcred">LATAMERICA</spcred:index_entry_primreg><spcred:index_entry_primreg xmlns:spcred="http://www.alacra.com/spcred">USA</spcred:index_entry_primreg><spcred:index_entry_primticker xmlns:spcred="http://www.alacra.com/spcred">TPSA@PW</spcred:index_entry_primticker><spcred:index_entry_reporttype xmlns:spcred="http://www.alacra.com/spcred">SUMMARY</spcred:index_entry_reporttype><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">GLOBISS</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">CORP</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">Telecommunications</spcred:index_entry_sector><category>Credit &amp; Investment Research</category><alacra:ip>S&amp;P Credit Research</alacra:ip></item><item><link>http://www.alacrastore.com/storecontent/fitch/445504_pr_frame</link><guid isPermaLink="false">fitch/445504_pr_frame</guid><fitch:index_mode xmlns:fitch="http://www.alacra.com/fitch">html</fitch:index_mode><description>Fitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. 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Investment Research</category><alacra:ip>Fitch Research</alacra:ip></item><item><link>http://www.alacrastore.com/storecontent/spcred/671176</link><guid isPermaLink="false">spcred/671176</guid><spcred:index_mode xmlns:spcred="http://www.alacra.com/spcred">norm</spcred:index_mode><description>The latest Summary from S&amp;P</description><spcred:dataset xmlns:spcred="http://www.alacra.com/spcred">global</spcred:dataset><pubDate>9/15/2008 2:50:44 PM</pubDate><spcred:price xmlns:spcred="http://www.alacra.com/spcred">175</spcred:price><title>Summary: Telekomunikacja Polska S.A.</title><spcred:type xmlns:spcred="http://www.alacra.com/spcred">Summary</spcred:type><spcred:docid xmlns:spcred="http://www.alacra.com/spcred">671176</spcred:docid><spcred:index_entry_dispcountry xmlns:spcred="http://www.alacra.com/spcred">Poland</spcred:index_entry_dispcountry><spcred:index_entry_dispgics xmlns:spcred="http://www.alacra.com/spcred">Integrated Telecommunication Services</spcred:index_entry_dispgics><spcred:index_entry_dispregion xmlns:spcred="http://www.alacra.com/spcred">Emerging Markets</spcred:index_entry_dispregion><spcred:index_entry_dispregion xmlns:spcred="http://www.alacra.com/spcred">Europe, Middle East, Africa</spcred:index_entry_dispregion><spcred:index_entry_dispregion xmlns:spcred="http://www.alacra.com/spcred">Latin America</spcred:index_entry_dispregion><spcred:index_entry_dispregion xmlns:spcred="http://www.alacra.com/spcred">United States</spcred:index_entry_dispregion><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Global Issuers</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Corporations</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Telecommunications &amp; Cable</spcred:index_entry_dispsector><spcred:index_entry_disptype xmlns:spcred="http://www.alacra.com/spcred">Summary</spcred:index_entry_disptype><spcred:index_entry_excerpt xmlns:spcred="http://www.alacra.com/spcred">The ratings on Poland-based integrated telecommunications operator Telekomunikacja Polska S.A. (TPSA) reflect the company's conservative capital structure and financial policy, solid cash flow generation, and synergies with its strategic shareholder France Telecom S.A. (A-/Stable/A-2). The ratings are also supported by TPSA's solid positions in the growing Polish mobile and broadband telecommunication markets. The ratings are primarily constrained by unrelenting regulatory pressure and strong competitive pressures, primarily affecting the group's domestic fixed-line business. At June 30, 2008, the group had gross financial debt after derivatives of Polish zloty (PLN) 8.4 billion (Â€2.5 billion). TPSA reported good results in the first half of 2008, with sales and gross operating margin (GOM; a proxy for EBITDA that includes risk assessment charges) growth of,</spcred:index_entry_excerpt><spcred:index_entry_primcountry xmlns:spcred="http://www.alacra.com/spcred">POL</spcred:index_entry_primcountry><spcred:index_entry_primcusip xmlns:spcred="http://www.alacra.com/spcred">87943D</spcred:index_entry_primcusip><spcred:index_entry_primgics xmlns:spcred="http://www.alacra.com/spcred">50101020 501010 5010 50</spcred:index_entry_primgics><spcred:index_entry_primissuer xmlns:spcred="http://www.alacra.com/spcred">Telekomunikacja Polska S.A.</spcred:index_entry_primissuer><spcred:index_entry_primissuerid xmlns:spcred="http://www.alacra.com/spcred">328626</spcred:index_entry_primissuerid><spcred:index_entry_primreg xmlns:spcred="http://www.alacra.com/spcred">EMERGING</spcred:index_entry_primreg><spcred:index_entry_primreg xmlns:spcred="http://www.alacra.com/spcred">EUROMIDAFR</spcred:index_entry_primreg><spcred:index_entry_primreg xmlns:spcred="http://www.alacra.com/spcred">LATAMERICA</spcred:index_entry_primreg><spcred:index_entry_primreg xmlns:spcred="http://www.alacra.com/spcred">USA</spcred:index_entry_primreg><spcred:index_entry_primticker xmlns:spcred="http://www.alacra.com/spcred">TPSA@PW</spcred:index_entry_primticker><spcred:index_entry_reporttype xmlns:spcred="http://www.alacra.com/spcred">SUMMARY</spcred:index_entry_reporttype><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">GLOBISS</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">CORP</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">Telecommunications</spcred:index_entry_sector><category>Credit &amp; Investment Research</category><alacra:ip>S&amp;P Credit Research</alacra:ip></item><item><link>http://www.alacrastore.com/storecontent/ccbn/T1904216</link><guid isPermaLink="false">ccbn/T1904216</guid><ccbn:index_mode xmlns:ccbn="http://www.alacra.com/ccbn">norm</ccbn:index_mode><description>... - TP Group -  Director IR Good morning ladies and gentlemen. My name is Tomasz Pozniak and I am the director of investor relations for TP Group.  Welcome to today's conference call to discuss our results for the first half ####. Today's presentation will be conducted by Maciej Witucki, our president of the board, and the CEO. And Roland Dubois, chief financial officer. ...

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xmlns:fitch="http://www.alacra.com/fitch">REN</fitch:ticker><fitch:ticker xmlns:fitch="http://www.alacra.com/fitch">RGC</fitch:ticker><fitch:ticker xmlns:fitch="http://www.alacra.com/fitch">S</fitch:ticker><fitch:ticker xmlns:fitch="http://www.alacra.com/fitch">SANM</fitch:ticker><fitch:ticker xmlns:fitch="http://www.alacra.com/fitch">SPSN</fitch:ticker><fitch:ticker xmlns:fitch="http://www.alacra.com/fitch">TEAR1</fitch:ticker><fitch:ticker xmlns:fitch="http://www.alacra.com/fitch">TECO2</fitch:ticker><fitch:ticker xmlns:fitch="http://www.alacra.com/fitch">TEF</fitch:ticker><fitch:ticker xmlns:fitch="http://www.alacra.com/fitch">TELEFBC1</fitch:ticker><fitch:ticker xmlns:fitch="http://www.alacra.com/fitch">TIT</fitch:ticker><fitch:ticker xmlns:fitch="http://www.alacra.com/fitch">TKG</fitch:ticker><fitch:ticker xmlns:fitch="http://www.alacra.com/fitch">TLS</fitch:ticker><fitch:ticker xmlns:fitch="http://www.alacra.com/fitch">TPS</fitch:ticker><fitch:ticker xmlns:fitch="http://www.alacra.com/fitch">TXN</fitch:ticker><fitch:ticker xmlns:fitch="http://www.alacra.com/fitch">UIS</fitch:ticker><fitch:ticker xmlns:fitch="http://www.alacra.com/fitch">URSI</fitch:ticker><fitch:ticker xmlns:fitch="http://www.alacra.com/fitch">WIN</fitch:ticker><title>Global TMT Credit Quarterly</title><fitch:docid xmlns:fitch="http://www.alacra.com/fitch">382746_report_frame</fitch:docid><category>Credit &amp; Investment Research</category><alacra:ip>Fitch Research</alacra:ip></item><item><link>http://www.alacrastore.com/storecontent/fitch/380786_report_frame</link><guid isPermaLink="false">fitch/380786_report_frame</guid><fitch:index_mode xmlns:fitch="http://www.alacra.com/fitch">pdf</fitch:index_mode><description>Fitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.</description><fitch:company xmlns:fitch="http://www.alacra.com/fitch">Telekomunikacja Polska S.A.</fitch:company><fitch:companyid xmlns:fitch="http://www.alacra.com/fitch">80360500</fitch:companyid><pubDate>3/31/2008 2:14:00 PM</pubDate><fitch:industry xmlns:fitch="http://www.alacra.com/fitch">01000000</fitch:industry><fitch:industry xmlns:fitch="http://www.alacra.com/fitch">01030000</fitch:industry><fitch:industry xmlns:fitch="http://www.alacra.com/fitch">01030400</fitch:industry><fitch:price xmlns:fitch="http://www.alacra.com/fitch">425</fitch:price><fitch:report xmlns:fitch="http://www.alacra.com/fitch">Full Rating Report</fitch:report><fitch:ticker xmlns:fitch="http://www.alacra.com/fitch">TPS</fitch:ticker><title>Credit Analysis on Telekomunikacja Polska S.A. (TPSA)</title><fitch:docid xmlns:fitch="http://www.alacra.com/fitch">380786_report_frame</fitch:docid><category>Credit &amp; Investment Research</category><alacra:ip>Fitch Research</alacra:ip></item><item><link>http://www.alacrastore.com/storecontent/spcred/637577</link><guid isPermaLink="false">spcred/637577</guid><spcred:index_mode xmlns:spcred="http://www.alacra.com/spcred">norm</spcred:index_mode><description>The latest Full Report from S&amp;P</description><title>Telekomunikacja Polska S.A.</title><pubDate>3/20/2008 8:31:55 AM</pubDate><spcred:type xmlns:spcred="http://www.alacra.com/spcred">Full Report</spcred:type><spcred:price xmlns:spcred="http://www.alacra.com/spcred">400</spcred:price><spcred:dataset xmlns:spcred="http://www.alacra.com/spcred">global</spcred:dataset><spcred:docid xmlns:spcred="http://www.alacra.com/spcred">637577</spcred:docid><spcred:index_entry_dispcountry xmlns:spcred="http://www.alacra.com/spcred">Poland</spcred:index_entry_dispcountry><spcred:index_entry_dispgics xmlns:spcred="http://www.alacra.com/spcred">Integrated Telecommunication Services</spcred:index_entry_dispgics><spcred:index_entry_dispregion xmlns:spcred="http://www.alacra.com/spcred">Emerging Markets</spcred:index_entry_dispregion><spcred:index_entry_dispregion xmlns:spcred="http://www.alacra.com/spcred">Europe, Middle East, Africa</spcred:index_entry_dispregion><spcred:index_entry_dispregion xmlns:spcred="http://www.alacra.com/spcred">Latin America</spcred:index_entry_dispregion><spcred:index_entry_dispregion xmlns:spcred="http://www.alacra.com/spcred">United States</spcred:index_entry_dispregion><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Global Issuers</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Corporations</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">High Technology</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Telecommunications &amp; Cable</spcred:index_entry_dispsector><spcred:index_entry_disptype xmlns:spcred="http://www.alacra.com/spcred">Full Report</spcred:index_entry_disptype><spcred:index_entry_excerpt xmlns:spcred="http://www.alacra.com/spcred">Low leverage and prudent financial policy Robust cash flow generation Dominant market share in fixed-line telephony Continuing development of mobile subsidiary with a market leading position Strategic shareholder provides certain operating and management synergies Significant regulatory risk could impede revenues due to changes allowing competitors access to the company's network at more reasonable prices Growing competition from mobile and alternative fixed-line operators, while market value growth has decelerated Limited foreign-exchange risk related to universal mobile telephone system license and trade payables The ratings on Poland-based integrated telecommunications operator Telekomunikacja Polska S.A. (TPSA) reflect the company's low leverage, prudent financial policy, robust cash flow generation, and synergies with its strategic shareholder France Telecom S.A. (A-/Stable/A-2). The ratings also are supported by</spcred:index_entry_excerpt><spcred:index_entry_primcountry xmlns:spcred="http://www.alacra.com/spcred">POL</spcred:index_entry_primcountry><spcred:index_entry_primcusip xmlns:spcred="http://www.alacra.com/spcred">87943D</spcred:index_entry_primcusip><spcred:index_entry_primgics xmlns:spcred="http://www.alacra.com/spcred">50101020 501010 5010 50</spcred:index_entry_primgics><spcred:index_entry_primissuer xmlns:spcred="http://www.alacra.com/spcred">Telekomunikacja Polska S.A.</spcred:index_entry_primissuer><spcred:index_entry_primissuerid xmlns:spcred="http://www.alacra.com/spcred">328626</spcred:index_entry_primissuerid><spcred:index_entry_primreg xmlns:spcred="http://www.alacra.com/spcred">EMERGING</spcred:index_entry_primreg><spcred:index_entry_primreg xmlns:spcred="http://www.alacra.com/spcred">EUROMIDAFR</spcred:index_entry_primreg><spcred:index_entry_primreg xmlns:spcred="http://www.alacra.com/spcred">LATAMERICA</spcred:index_entry_primreg><spcred:index_entry_primreg xmlns:spcred="http://www.alacra.com/spcred">USA</spcred:index_entry_primreg><spcred:index_entry_primticker xmlns:spcred="http://www.alacra.com/spcred">TPSA@PW</spcred:index_entry_primticker><spcred:index_entry_reporttype xmlns:spcred="http://www.alacra.com/spcred">FULL</spcred:index_entry_reporttype><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">GLOBISS</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">CORP</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">High</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">Telecommunications</spcred:index_entry_sector><category>Credit &amp; Investment Research</category><alacra:ip>S&amp;P Credit Research</alacra:ip></item><item><link>http://www.alacrastore.com/storecontent/spcred/637579</link><guid isPermaLink="false">spcred/637579</guid><spcred:index_mode xmlns:spcred="http://www.alacra.com/spcred">norm</spcred:index_mode><description>The latest Summary from S&amp;P</description><title>Summary: Telekomunikacja Polska S.A.</title><pubDate>3/20/2008 8:31:55 AM</pubDate><spcred:type xmlns:spcred="http://www.alacra.com/spcred">Summary</spcred:type><spcred:price xmlns:spcred="http://www.alacra.com/spcred">175</spcred:price><spcred:dataset xmlns:spcred="http://www.alacra.com/spcred">global</spcred:dataset><spcred:docid xmlns:spcred="http://www.alacra.com/spcred">637579</spcred:docid><spcred:index_entry_dispcountry xmlns:spcred="http://www.alacra.com/spcred">Poland</spcred:index_entry_dispcountry><spcred:index_entry_dispgics xmlns:spcred="http://www.alacra.com/spcred">Integrated Telecommunication Services</spcred:index_entry_dispgics><spcred:index_entry_dispregion xmlns:spcred="http://www.alacra.com/spcred">Emerging Markets</spcred:index_entry_dispregion><spcred:index_entry_dispregion xmlns:spcred="http://www.alacra.com/spcred">Europe, Middle East, Africa</spcred:index_entry_dispregion><spcred:index_entry_dispregion xmlns:spcred="http://www.alacra.com/spcred">Latin America</spcred:index_entry_dispregion><spcred:index_entry_dispregion xmlns:spcred="http://www.alacra.com/spcred">United States</spcred:index_entry_dispregion><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Global Issuers</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Corporations</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">High Technology</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Telecommunications &amp; Cable</spcred:index_entry_dispsector><spcred:index_entry_disptype xmlns:spcred="http://www.alacra.com/spcred">Summary</spcred:index_entry_disptype><spcred:index_entry_excerpt xmlns:spcred="http://www.alacra.com/spcred">The ratings on Poland-based integrated telecommunications operator Telekomunikacja Polska S.A. (TPSA) reflect the company's low leverage, prudent financial policy, robust cash flow generation, and synergies with its strategic shareholder France Telecom S.A. (A-/Stable/A-2). The ratings also are supported by TPSA's former monopoly incumbent status and solid market performance in both fixed-line and mobile telephony in Poland. On Dec. 31, 2007, the group had total adjusted debt of Polish zloty (PLN) 8.3 billion ($3.4 billion). The ratings on TPSA are constrained by strong competitive pressure on the group's fixed-line business, which has suffered from fixed-to-mobile substitution and tariff competition from alternative service providers. The ratings are also constrained by the fall in revenue following regulatory decisions regarding the implementation of wholesale</spcred:index_entry_excerpt><spcred:index_entry_primcountry xmlns:spcred="http://www.alacra.com/spcred">POL</spcred:index_entry_primcountry><spcred:index_entry_primcusip xmlns:spcred="http://www.alacra.com/spcred">87943D</spcred:index_entry_primcusip><spcred:index_entry_primgics xmlns:spcred="http://www.alacra.com/spcred">50101020 501010 5010 50</spcred:index_entry_primgics><spcred:index_entry_primissuer xmlns:spcred="http://www.alacra.com/spcred">Telekomunikacja Polska S.A.</spcred:index_entry_primissuer><spcred:index_entry_primissuerid xmlns:spcred="http://www.alacra.com/spcred">328626</spcred:index_entry_primissuerid><spcred:index_entry_primreg xmlns:spcred="http://www.alacra.com/spcred">EMERGING</spcred:index_entry_primreg><spcred:index_entry_primreg xmlns:spcred="http://www.alacra.com/spcred">EUROMIDAFR</spcred:index_entry_primreg><spcred:index_entry_primreg xmlns:spcred="http://www.alacra.com/spcred">LATAMERICA</spcred:index_entry_primreg><spcred:index_entry_primreg xmlns:spcred="http://www.alacra.com/spcred">USA</spcred:index_entry_primreg><spcred:index_entry_primticker xmlns:spcred="http://www.alacra.com/spcred">TPSA@PW</spcred:index_entry_primticker><spcred:index_entry_reporttype xmlns:spcred="http://www.alacra.com/spcred">SUMMARY</spcred:index_entry_reporttype><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">GLOBISS</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">CORP</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">High</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">Telecommunications</spcred:index_entry_sector><category>Credit &amp; Investment Research</category><alacra:ip>S&amp;P Credit Research</alacra:ip></item><item><link>http://www.alacrastore.com/storecontent/moodys/PBC_107682</link><guid isPermaLink="false">moodys/PBC_107682</guid><moodys:index_mode xmlns:moodys="http://www.alacra.com/moodys">pdf</moodys:index_mode><description>Telekomunikacja Polska SA</description><moodys:report_type xmlns:moodys="http://www.alacra.com/moodys">Analysis</moodys:report_type><pubDate>2/26/2008 12:13:46 PM</pubDate><title>Telekomunikacja Polska SA</title><moodys:issuer xmlns:moodys="http://www.alacra.com/moodys">Telekomunikacja Polska S.A.</moodys:issuer><moodys:org_id xmlns:moodys="http://www.alacra.com/moodys">600044023</moodys:org_id><moodys:price xmlns:moodys="http://www.alacra.com/moodys">300.0000</moodys:price><moodys:report_class xmlns:moodys="http://www.alacra.com/moodys">Analysis</moodys:report_class><moodys:format xmlns:moodys="http://www.alacra.com/moodys">pdf</moodys:format><moodys:issuer_list xmlns:moodys="http://www.alacra.com/moodys">Telekomunikacja Polska S.A.</moodys:issuer_list><moodys:docid xmlns:moodys="http://www.alacra.com/moodys">PBC_107682</moodys:docid><category>Credit &amp; Investment Research</category><alacra:ip>Moody's Global Credit Research</alacra:ip></item><item><link>http://www.alacrastore.com/storecontent/moodys/PR_149643_808858520</link><guid isPermaLink="false">moodys/PR_149643_808858520</guid><moodys:index_mode xmlns:moodys="http://www.alacra.com/moodys">html</moodys:index_mode><description>Moody's upgrades Telekomunikacja Polska to A#, stable outlook</description><moodys:report_type xmlns:moodys="http://www.alacra.com/moodys">Rating Action</moodys:report_type><pubDate>2/22/2008 12:35:40 AM</pubDate><title>Moody's upgrades Telekomunikacja Polska to A3, stable outlook</title><moodys:issuer xmlns:moodys="http://www.alacra.com/moodys">TPSA Eurofinance France S.A.</moodys:issuer><moodys:org_id xmlns:moodys="http://www.alacra.com/moodys">808858520</moodys:org_id><moodys:price xmlns:moodys="http://www.alacra.com/moodys">150.0000</moodys:price><moodys:report_class xmlns:moodys="http://www.alacra.com/moodys">News</moodys:report_class><moodys:format xmlns:moodys="http://www.alacra.com/moodys">html</moodys:format><moodys:org_id xmlns:moodys="http://www.alacra.com/moodys">600050455</moodys:org_id><moodys:issuer xmlns:moodys="http://www.alacra.com/moodys">TPSA Eurofinance B.V.</moodys:issuer><moodys:org_id xmlns:moodys="http://www.alacra.com/moodys">600046184</moodys:org_id><moodys:issuer xmlns:moodys="http://www.alacra.com/moodys">TPSA Finance B.V.</moodys:issuer><moodys:org_id xmlns:moodys="http://www.alacra.com/moodys">600044023</moodys:org_id><moodys:issuer xmlns:moodys="http://www.alacra.com/moodys">Telekomunikacja Polska S.A.</moodys:issuer><moodys:issuer_list xmlns:moodys="http://www.alacra.com/moodys">Telekomunikacja Polska S.A.; TPSA Eurofinance B.V.; TPSA Eurofinance France S.A.; ...</moodys:issuer_list><moodys:docid xmlns:moodys="http://www.alacra.com/moodys">PR_149643_808858520</moodys:docid><category>Credit &amp; Investment Research</category><alacra:ip>Moody's Global Credit Research</alacra:ip></item><item><link>http://www.alacrastore.com/storecontent/fitch/406692_pr_frame</link><guid isPermaLink="false">fitch/406692_pr_frame</guid><fitch:index_mode xmlns:fitch="http://www.alacra.com/fitch">html</fitch:index_mode><description>Fitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.</description><fitch:company xmlns:fitch="http://www.alacra.com/fitch">Telekomunikacja Polska S.A.</fitch:company><fitch:companyid xmlns:fitch="http://www.alacra.com/fitch">80360500</fitch:companyid><pubDate>2/21/2008 2:21:00 PM</pubDate><fitch:industry xmlns:fitch="http://www.alacra.com/fitch">01000000</fitch:industry><fitch:industry xmlns:fitch="http://www.alacra.com/fitch">01030000</fitch:industry><fitch:industry xmlns:fitch="http://www.alacra.com/fitch">01030400</fitch:industry><fitch:price xmlns:fitch="http://www.alacra.com/fitch">85</fitch:price><fitch:report xmlns:fitch="http://www.alacra.com/fitch">Press Release</fitch:report><fitch:ticker xmlns:fitch="http://www.alacra.com/fitch">TPS</fitch:ticker><title>Fitch Affirms Telekomunikacja Polska at 'BBB+'; Stable Outlook</title><fitch:docid xmlns:fitch="http://www.alacra.com/fitch">406692_pr_frame</fitch:docid><category>Credit &amp; Investment Research</category><alacra:ip>Fitch Research</alacra:ip></item><item><link>http://www.alacrastore.com/storecontent/ccbn/T1751831</link><guid isPermaLink="false">ccbn/T1751831</guid><ccbn:index_mode xmlns:ccbn="http://www.alacra.com/ccbn">norm</ccbn:index_mode><pubDate>1/30/2008 1:07:03 PM</pubDate><ccbn:name xmlns:ccbn="http://www.alacra.com/ccbn">Telekomunikacja Polska (TPSA)</ccbn:name><ccbn:price xmlns:ccbn="http://www.alacra.com/ccbn">106.0000</ccbn:price><ccbn:revision xmlns:ccbn="http://www.alacra.com/ccbn">Final</ccbn:revision><ccbn:storetitle xmlns:ccbn="http://www.alacra.com/ccbn">Q4 2007 Telekomunikacja Polska (TPSA) Earnings Conference Call Transcript</ccbn:storetitle><ccbn:ticker xmlns:ccbn="http://www.alacra.com/ccbn">TKMJYP</ccbn:ticker><ccbn:time xmlns:ccbn="http://www.alacra.com/ccbn">9:00am UKT</ccbn:time><title>Q4 2007 Telekomunikacja Polska (TPSA) Earnings Conference Call Transcript</title><description>... - TP Group -  Director of Investor Relations Good morning, ladies and gentlemen. My name is Tomasz Pozniak and I am Director of Investor Relations for TP Group. Welcome  to the conference call to discuss TP Group's fourth quarter and full year #### results. Today's presentation will be conducted by Maciej Witucki, our President of the Board and CEO, and Benoit Merel, Chief Financial Officer. The format for this morning's call will be a presentation of approximately ## minutes, followed by the session of questions and answers. The slides which accompany this presentation are available to download through our website at www.tp-ir.pl. So without further delay, I would like to hand over to Maciej Witucki to begin the presentation. ...

</description><ccbn:type xmlns:ccbn="http://www.alacra.com/ccbn">Transcript</ccbn:type><ccbn:docid xmlns:ccbn="http://www.alacra.com/ccbn">T1751831</ccbn:docid><category>Credit &amp; Investment Research</category><alacra:ip>Thomson StreetEvents</alacra:ip></item></channel></rss>