Report title: Research Update: Telefónica O2 Czech Republic a.s. Upgraded To 'A-', In Line With Parent; Outlook Stable
from S&P Credit Research
1033 word report published Dec 03, 2008

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Abstract: On Dec. 3, 2008, Standard&Poor's Ratings Services raised its long-term corporate credit rating on Czech Republic-based integrated fixed and mobile telecommunications operator Telefónica O2 Czech Republic a.s. to 'A-' from 'BBB+'. The outlook is stable. The upgrade is attributable to the company's strong operating performance and prudent financial policy. It also follows the upgrade of 69.4% majority shareholder, Telefonica S.A. (A-/Stable/A-2), which is seen as a strategic shareholder, with de facto control over the Czech subsidiary's business strategy, financial policy, and treasury functions (cash pooling). The revised rating reflects the operator's stand-alone creditworthiness, based on healthy domestic growth in mobile, fixed broadband, and IT/ICT (information and communications technologies) services, continued solid profitability, substantial cash flow generation, and robust

Brief Excerpt: RESEARCH Ratings Definitions Research Update: TelefA¦nica O2 Czech Republic a.s. Upgraded To 'A-', In Line With Parent; Outlook Stable Publication date: 03-Dec-2008 Primary Credit Analyst: Leandro De Torres Zabala, Madrid (34) 91-389-6965;...

Report Type: Research Update
Ticker: SPTT@CP
Issuer: Telefonica O2 Czech Republic a.s.
GICS: Integrated Telecommunication Services (50101020)
Sector: Corporations, Global Issuers, Telecommunications & Cable
Country: Czech Republic
Region: Europe, Middle East, Africa
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