Telenor ASA http://www.alacrastore.com/company-snapshot/Telenor_ASA-2106316 Saturday, October 11, 2008 10:08:54 PM 2106316 Telenor ASA en AlacraStore RSS Builder 1.0 30 http://www.alacrastore.com/storecontent/fitch/440536_pr_framefitch/440536_pr_framehtmlFitch 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.Bouygues S.A.BT Group plcDeutsche Telekom AGFrance Telecom SAKoninklijke KPN N.V.Telecom Italia SpATelefonica SATelekomunikacja Polska S.A.Telenor ASAVodafone Group plc8036004580360235803602368036024080360263803605008036070781232640834792698372546510/1/2008 6:31:35 PM0100000001030000010304000104000085Press ReleaseBT.ADTEENFTEKPNTEFTELTITTPSVOD440536_pr_frameCredit & Investment ResearchFitch Researchhttp://www.alacrastore.com/storecontent/spcred/674113spcred/674113normThe latest Summary from S&Pglobalstructured9/30/2008 8:27:17 AM175Summary674113NorwayIntegrated Telecommunication ServicesEurope, Middle East, AfricaUnited StatesGlobal IssuersStructured FinanceCorporationsAsset-Backed SecuritiesTelecommunications & CableSummaryThe ratings on Norway-based telecommunications operator Telenor ASA reflect the company's strong domestic fixed-line and mobile businesses and solid cash generation. These strengths are offset by the persistent competitive and regulatory pressures in Telenor's Nordic markets, and the volatility and partial ownership of international mobile businesses. International mobile activities, while growing and diversified, have weak business profiles, are often partly owned, and expose Telenor to foreign exchange and country-related risks. At June 30, 2008, Telenor had gross unadjusted consolidated debt of Norwegian krone (NOK) 49.0 billion ($8.7 billion). Telenor's business risk profile benefits from the company's incumbent status in the declining, but cash-generative Norwegian fixed-line telephony business (18% of EBITDA for the three months ended June 30, 2008) and fromNOR87944WR8992350101020 501010 5010 50Telenor ASA359501EUROMIDAFRUSATEL@NOSUMMARYGLOBISSSTRUCCORPABSTelecommunicationsCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/fitch/439376_pr_framefitch/439376_pr_framehtmlFitch 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.Telenor ASATotal Access Communication Public Co Ltd80362366837254659/29/2008 10:13:00 AM01000000010300000103040085Press ReleaseDTACTEL439376_pr_frameCredit & Investment ResearchFitch Researchhttp://www.alacrastore.com/storecontent/cs/73437cs/73437norm Telenor #Q## Tearsheet Focus on emerging markets for M&A opportunities and as a driver of current cash flow is central to TNOR's credit, with country-risk and inflationary pressure important variables.Management increasingly flexible...73437606YesC21Tearsheet1283tearsheets/premium369/22/2008 12:06:52 AM15073437Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/newstex/MCOM-0004-27963117newstex/MCOM-0004-27963117xml Sep. #, #### (M# Communications Ltd. delivered by Newstex) -- Integral Systems Europe (ISE), a subsidiary of Integral Systems Inc (NasdaqGS: ISYS), which builds satellite ground systems and equipment for command and control, integration...0400000004003000040030039/9/2008 7:24:03 AM180000001801600019000000190030001900200019002007M2 EquityBitesMCOM-0004-27963117INTEGRAL SYSTEMS INCTELENOR ASAISYSTELNYNewsNewstexhttp://www.alacrastore.com/storecontent/cs/73351cs/73351norm European Telecoms: #Q## Recap and Relative Value Update With liquidity and capital market access strong for all players, we see stability of cash flow generation and event risk as the primary drivers in the European telecoms space....733515169YesD0Article88611361283225324319281221280corp3666Earnings Reports - TMT8/18/2008 10:06:00 PM150We review our relative value take on the European Telecoms industry, weighing up risk vs. reward for each of the names we cover, with particular focus on emerging trends seen in 2Q08 results.73351Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/72757cs/72757norm Telefonica #Q##: Steady Results Calm Market Sentiment TEF revenue and EBITDA continued to show solid growth in #Q## with organic revenue up #.#% YoY in #H## and EBITDA posting organic growth of ##.#% YoY. Telefonica Espana continues...1835YesD0Article1283886225324281302corp3666Earnings Reports - TMT8/6/2008 12:05:00 AM150Telefonica's 2Q08 results demonstrated a continuation of the company's strong growth, despite increasing challenges in its domestic market.7275772757Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/72092cs/72092norm Telenor #Q## - Inflation Concerns Cloud the Horizon Telenor reported relatively weak #Q## figures, revising down revenue guidance for the year from #% to #% on inflation and currency concerns. Some early signs of improvement in the...720921480YesD0Article1283corp3666Earnings Reports - TMT7/23/2008 7:06:03 PM150Telenor's disappointing 2Q08 results reflect the challenges the company faces from higher inflation in emerging markets.72092Credit & Investment ResearchCreditSightsNORWAY - Telenor ASA, a ##.##% owned unit of the Norwegian government, agreed to acquire Datametrix AS, an Oslo-based provider of computer and software consulting services, from Ignis ASA, for ### mil Norwegian kroner ($##.### mil US). The transaction was subject to regulatory approval.6/24/2008 2:23:24 PM87944W23844N66923244799HTelenor ASADatametrix ASNorwayIgnis ASAhttp://www.alacrastore.com/storecontent/Thomson_M%26A/Telenor_ASA_acquires_Datametrix_AS_from_Ignis_ASA-1989360040sdc/19893600401989360040Copyright © 2008, Thomson Financial, All Rights ReservedNasdaqTelecommunicationsNorwayRadiotelephone communications4812FFForeignPublicTELN4812:Radiotelephone communications4813:Telephone communications, except radiotelephone4841:Cable and other pay television services4899:Communications services, nec7375:Information retrieval services999A:National governmentBusiness ServicesNorwayBusiness consulting services, nec8748FFForeignSubsidiary315923002National governmentPvd telecommun svcsCashCash OnlyAssets67625002Jun 24 20080.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000001.000002.000003.000004.000005.000006.000007.000008.000009.00000Telenor ASA, located inFornebu, Norway, is aNorwegian state-owned companythat providestelecommunications services,such as mobile voice, data,Internet, contentcommunications, and TVservices.Telenor ASA, located in Fornebu, Norway, is a Norwegianstate-owned company that provides telecommunicationsservices, such as mobile voice, data, Internet, contentcommunications, and TV services.Telenor ASA, located in Fornebu, Norway, is a Norwegian state-owned company that provides telecommunications services, such as mobile voice, data, Internet, content communications, and TV services.1.000002.000003.000004.000005.000006.000007.00000Datametrix AS, based in Oslo,Norway, provides computer andsoftware consulting servicesfocused on IP solutions,enabling communication viadata, voice and video. Thecompany was founded in 1982.Datametrix AS, based in Oslo, Norway, provides computer andsoftware consulting services focused on IP solutions,enabling communication via data, voice and video. Thecompany was founded in 1982.Datametrix AS, based in Oslo, Norway, provides computer and software consulting services focused on IP solutions, enabling communication via data, voice and video. The company was founded in 1982.0.000000.000000.000000.00000NNorwegian Krone23 Jun 08Mon, 23 Jun 2008 00:00:00 ESTDate Announced: 06/23/2008Date Effective:Acq. of AssetsFriendly0.000000.000000.000000.000000.000000.00000Price/Share0.00000226 Norwegian Krone226.000000.00000226 Norwegian Krone226.000000.000000.000000.000000.00000226.00000226 Norwegian Krone0.19500N22.258000.000000.000000.000000.000000.0000043.9680043.968000.000000.000000.000000.000000.000000.000000.00000100.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000001.000002.000003.000004.000005.000006.000007.000008.000009.0000010.0000011.00000NORWAY - Telenor ASA, a 53.97%owned unit of the Norwegiangovernment, agreed to acquireDatametrix AS, an Oslo-basedprovider of computer andsoftware consulting services,from Ignis ASA, for 226 milNorwegian kroner ($43.968 milUS). The transaction wassubject to regulatoryapproval.NORWAY - Telenor ASA, a 53.97% owned unit of the Norwegian government, agreed to acquire Datametrix AS, an Oslo-based provider of computer and software consulting services, from Ignis ASA, for 226 mil Norwegian kroner ($43.968 mil US). The transaction was subject to regulatory approval.NORWAY - Telenor ASA, a 53.97% owned unit of the Norwegian government, agreed to acquireDatametrix AS, an Oslo-based provider of computer and software consulting services, fromIgnis ASA, for 226 mil Norwegian kroner ($43.968 mil US). The transaction was subject toregulatory approval.NORWAY - Telenor ASA, a 53.97% owned unit of the Norwegian government, agreed to acquire Datametrix AS, an Oslo-based provider of computer and software consulting services, from Ignis ASA, for 226 milNorwegian kroner ($43.968 mil US). The transaction was subject to regulatory approval.NORWAY - Telenor ASA, a 53.97% owned unit of the Norwegian government, agreed to acquire Datametrix AS, an Oslo-based provider ofcomputer and software consulting services, from Ignis ASA, for 226 mil Norwegian kroner ($43.968 mil US). The transaction was subject toregulatory approval.Pending0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.00000Status:Pending-999.00000np0.00000-999.00000np0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000007372:Prepackaged Software7379:Computer related services,nec8742:Management consulting services8748:Business consulting services, nec4469001Norway999AForeignGovernment4812:Radiotelephone communications4813:Telephone communications, except radiotelephone4899:Communications services, nec547743003OsloNorway4813ForeignPublicIGNIS43.96800226.0000043.9680022.25800Deal InformationTF Mergers & Acquisitionshttp://www.alacrastore.com/storecontent/fitch/388892_report_framefitch/388892_report_framepdfFitch 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.Telenor ASA837254656/6/2008 2:13:00 PM010000000103000001030400425Full Rating ReportTEL388892_report_frameCredit & Investment ResearchFitch Researchhttp://www.alacrastore.com/storecontent/fitch/388810_report_framefitch/388810_report_framepdfFitch 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.Telenor ASA837254656/5/2008 2:17:00 PM010000000103000001030400425Full Rating ReportTEL388810_report_frameCredit & Investment ResearchFitch Researchhttp://www.alacrastore.com/storecontent/fitch/421013_pr_framefitch/421013_pr_framehtmlFitch 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.Telenor ASA837254655/20/2008 10:18:36 AM01000000010300000103040085Press ReleaseTEL421013_pr_frameCredit & Investment ResearchFitch Researchhttp://www.alacrastore.com/storecontent/cs/45489cs/45489norm iTraxx Roll to Series #: The Unbearable Tightness of Being (Invested in the iTraxx) The high grade iTraxx Europe index finished Series # trading at its tightest level. However, the Crossover index's inability to break its tights suggests...42High Yield5/14/2008 11:06:25 AM150The iTraxx European high grade index set a new record tight in September, helped by availability of unused liquidity both to borrowers and investors using it to take leverage.454894829886Yes10191510862corpstrategyhy2941D0Article1017100494610121356193912833241299166797616251627162628197045489Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/68669cs/68669norm Telenor #Q##: Emerging Markets Dominate Credit Horizon Telenor reported mixed #Q## results, with the appreciation of the NOK relative to most of its other major operational currencies (particularly those in emerging markets) taking...686692046YesD0Article1283corpem/research3666Earnings Reports - TMT49M&A Activity5/1/2008 9:05:00 PM150We reflect on Telenor's 1Q08 results weighing up the potential risks and rewards of a European telco heavily invested in emerging markets.68669Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/spcred/626511spcred/626511normThe latest Full Report from S&P1/18/2008 10:48:23 AMFull Report400structuredglobal626511NorwayIntegrated Telecommunication ServicesEurope, Middle East, AfricaUnited StatesStructured FinanceGlobal IssuersAsset-Backed SecuritiesCorporationsTelecommunications & CableHigh TechnologyFull ReportLeading domestic positions and cash flow generation International diversification Moderate leverage and financial flexibility afforded by minority stakes Exposure to country risks Continuing regulatory and competitive pressures Frequent changes in group perimeter due to partial ownership of key assets and large minority stakes The ratings on Norway-based telecommunications operator Telenor ASA reflect the company's strong domestic fixed-line and mobile businesses and solid cash generation. The ratings are constrained by the persistent competitive and regulatory pressures in Telenor's Nordic markets, and the volatility and partial ownership of international mobile businesses. International mobile activities, while growing and diversified, have weak business profiles, are often part-owned, and expose Telenor to foreign exchange and country-related risks. At Sept. 30, 2007, Telenor had gross unadjustedNOR87944WR8992350101020 501010 5010 50Telenor ASA359501EUROMIDAFRUSATEL@NOFULLTHA89149U50102010 501020 5010 50Total Access Communication Public Co. Ltd.307304ASIAEUROMIDAFREMERGINGTAC@TBSTRUCGLOBISSABSCORPTelecommunicationsHighCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/626512spcred/626512normThe latest Summary from S&P1/18/2008 10:48:23 AMSummary175globalstructured626512NorwayIntegrated Telecommunication ServicesEurope, Middle East, AfricaUnited StatesGlobal IssuersStructured FinanceCorporationsAsset-Backed SecuritiesHigh TechnologyTelecommunications & CableSummaryThe ratings on Norway-based telecommunications operator Telenor ASA reflect the company's strong domestic fixed-line and mobile businesses and solid cash generation. The ratings are constrained by the persistent competitive and regulatory pressures in Telenor's Nordic markets, and the volatility and partial ownership of international mobile businesses. International mobile activities, while growing and diversified, have weak business profiles, are often part-owned, and expose Telenor to foreign exchange and country-related risks. At Sept. 30, 2007, Telenor had gross unadjusted consolidated debt of Norwegian krone (NOK) 49.0 billion ($9.1 billion). Telenor's business risk profile benefits from the company's incumbent status in the declining but highly cash-generative Norwegian fixed-line telephony business (18% of EBITDA for the 12 months ended Sept. 30, 2007) and fromNOR87944WR8992350101020 501010 5010 50Telenor ASA359501EUROMIDAFRUSATEL@NOSUMMARYGLOBISSSTRUCCORPABSHighTelecommunicationsCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/moodys/COP_600018165moodys/COP_600018165htmlGlobal Credit Research Credit Opinion ## MAY #### Credit Opinion: Telenor ASA Telenor ASA Oslo, Norway Ratings Category Moody's Rating Outlook Stable Sr Unsec Bank Credit Facility A# Senior Unsecured A# Commercial Paper P-# Contacts...1/4/2008 2:20:00 AMhtmlTelenor ASATelenor ASA600018165150.0000NewsCredit OpinionCOP_600018165Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/fitch/343926_report_framefitch/343926_report_framepdf38512/24/2007 11:15:41 AMFitch 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.Telenor ASA83725465Full Rating ReportTEL343926_report_frameCredit & Investment ResearchFitch Researchhttp://www.alacrastore.com/storecontent/moodys/PR_125851_809739897moodys/PR_125851_809739897htmlAnnouncement12/21/2007 6:00:19 PMGlobal Credit Research Announcement ## JAN #### Announcement: Telefonica Moviles Argentina Moody's reports: Stable outlook for European investment-grade telecoms operators Madrid, January ##, #### -- The credit outlook for Europe's...Telefonica Moviles Argentina809739897150.00Newshtml808812957Telefonica Participaciones S.A.U.808123479Telefonica Emisiones S.A.U.806738153Telecom Italia Finance, S.A.764450Softbank Mobile Corp.734508Telefonica S.A.600065870Telefonica Finance USA LLC600061323O2 Limited600060943O2 plc600055725Telecom Italia Capital S.A.600053260Telefonica Delaware Trust600049895Belgacom Services NV/SA600047982KPNQwest N.V.600047770Celulares Telefonica, Inc.600047365Telecom Italia S.p.A. (old)600046407Telefonica del Peru600045661TeliaSonera Finland Oyj600045052Hellenic Telecommunications Organization S.A.600044023Telekomunikacja Polska S.A.600038111Belgacom Finance S.A.600022504Telefonica Europe B.V.600020481Deutsche Telekom AG600018165Telenor ASA600018164Vodafone Group Plc600017823Belgacom NV600011900TeliaSonera AB600010200Telefonica Chile S.A.600009340Telefonica de Argentina S.A.600008461STET-Societa Finanziaria Telefonica per Azion514700Koninklijke KPN N.V.3012Belgacom Societe Anonyme de Droit PublicBelgacom Finance S.A.; Belgacom NV; Belgacom Services NV/SA; ...PR_125851_809739897Credit & Investment ResearchMoody's Global Credit Research