European Telecommunications Service Providers: Telecom Operators' Declining Performance in Selected European Countries - Moody's Global Credit Research

European Telecommunications Service Providers: Telecom Operators' Declining Performance in Selected European Countries

12 pages (5607 words) — Published May 17, 2011
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Brief Excerpt:

...The telecom operators whose ratings are more likely to be affected by weakening macroeconomic trends are those with low geographical diversification (more than 75% of their EBITDA generated in the five selected countries), limited financial flexibility (debt/EBITDA higher than 3x) and operations in countries with declining sovereign credit quality. This Special Comment is based on our analysis of the recent performance of telecommunications service providers operating in countries on the periphery of the euro area, as well as Italy, for reasons mentioned earlier. While the "Great Recession" of 2009 affected most of Europe, Greece (B1, review for downgrade), Portugal (Baa1, review for downgrade), Ireland (Baa3, negative) and to a certain extent Spain (Aa2, negative) have felt the pain more acutely. This is because their public and private sectors borrowed heavily; they incurred large current account deficits; their banking systems relied most heavily on the international capital markets,...

  
Report Type:

Special Comment

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MLA:
Moody's Global Credit Research. "European Telecommunications Service Providers: Telecom Operators' Declining Performance in Selected European Countries" May 17, 2011. Alacra Store. Aug 21, 2014. <http://www.alacrastore.com/moodys-credit-research/European-Telecommunications-Service-Providers-Telecom-Operators-Declining-Performance-in-Selected-European-Countries-PBC_132789>
  
APA:
Moody's Global Credit Research. (). European Telecommunications Service Providers: Telecom Operators' Declining Performance in Selected European Countries May 17, 2011. New York, NY: Alacra Store. Retrieved Aug 21, 2014 from <http://www.alacrastore.com/moodys-credit-research/European-Telecommunications-Service-Providers-Telecom-Operators-Declining-Performance-in-Selected-European-Countries-PBC_132789>
  
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