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S&P Credit Research6399 word report
published Aug 19, 2009
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| Abstract: | Strong market position as former incumbent fixed telephony operator with good broadband growth potential. Market leader in mobile telephony in two-player domestic market. Implicit support from the government of the United Arab Emirates. Very high operating profitability margins and strong cash flows. Good financial flexibility. High percentage of cash flows paid out as dividends and royalties. Regulatory risk likely to increase in the medium term. Stagnant revenues in traditional fixed-line services. Uncertain credit impact of potential merger and acquisition activity abroad. Likely increase in leverage to expand overseas. The ratings on Emirates Telecommunications Corp. (Etisalat), the former incumbent fixed-line and leading mobile telecommunications operator in the United Arab Emirates (UAE), is based on the company's stand-alone credit profile (SACP), which
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| Brief Excerpt: | RESEARCH Ratings Definitions Emirates Telecommunications Corp. (Etisalat) Publication date: 19-Aug-2009 Primary Credit Analyst: Michael O'Brien, London (44) 20-7176-3561; michael_obrien@standardandpoors.com Secondary Credit Analyst:...
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| Report Type: | Full Report
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| Ticker: | DU@UH
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| Issuer: | Emirates Telecommunications Corp. (Etisalat)
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| GICS: | Integrated Telecommunication Services (50101020)
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| Sector: | Global Issuers
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| Country: | United Arab Emirates
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| Region: | Europe, Middle East, Africa
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| Free Sample: |
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S&P Credit Research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.
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The 'A+' rating on Emirates Telecommunications Corp. (Etisalat), the former incumbent fixed-line and leading mobile telecommunications operator in the United Arab Emirates (UAE), is based on the company's stand-alone credit profile (SACP), ...
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The ratings on Emirates Telecommunications Corp. (Etisalat), the former incumbent fixed-line and leading mobile telecommunications operator in the United Arab Emirates (UAE), is based on the company's stand-alone credit profile (SACP), which ...
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Strong market position as former incumbent fixed telephony operator with good broadband growth potential Market leader in mobile telephony in two-player market Implicit support from the government of the United Arab Emirates Very high operating ...
