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S&P Credit Research1338 word report
published Jul 22, 2008
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S&P Credit Research
| Abstract: | On July 22, 2008, Standard&Poor's Ratings Services assigned its 'A+' long-term and 'A-1' short-term foreign and local currency corporate credit ratings to Emirates Telecommunications Corp. (Etisalat), the former incumbent fixed-line and leading mobile telecommunications operator in the United Arab Emirates (UAE). The outlook is stable. The ratings are supported by Etisalat's leading market position in both fixed and mobile telephony in the UAE telecoms market, despite the introduction of competition in 2007 from Emirates Integrated Telecom Co. (Du). We expect strong population growth in the UAE to continue driving demand for telecoms services. Etisalat's profitability levels are very strong, with an EBITDA margin of 74.0% in the first half of 2008. The company generates strong cash flows and
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| Brief Excerpt: | RESEARCH Ratings Definitions Research Update: Emirates Telecommunications Corp. (Etisalat) Assigned 'A+/A-1' Ratings; Outlook Stable Publication date: 22-Jul-2008 Primary Credit Analyst: Michael O'Brien, London (44) 20-7176-3561;...
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| Report Type: | Research Update
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| Ticker: | DU@UH
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| Issuer: | Emirates Telecommunications Corp.
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| Sector: | Corporations, Global Issuers, Telecommunications & Cable
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| Country: | United Arab Emirates
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| Region: | Europe, Middle East, Africa
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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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