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S&P Credit Research1504 word report
published May 07, 2009
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| Abstract: | The ratings on Emirates Telecommunications Corp. (Etisalat), the former incumbent fixed-line and leading mobile telecommunications operator in the United Arab Emirates (UAE), are supported by the company's leading market position in both fixed and mobile telephony in the UAE telecoms market, despite the introduction of competition in 2007. Etisalat's profitability levels are strong, with an EBITDA margin of 63.8% for the 12 months ended March 31, 2009. Furthermore, it generates strong cash flows and maintains good financial flexibility, backed by a portfolio of growing overseas assets, the value of which has increased significantly. The ratings also factor in implicit state support (Etisalat is 60% state-owned), given that the government has not advocated significant liberalization of the market to date and
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| Brief Excerpt: | RESEARCH Ratings Definitions Summary: Emirates Telecommunications Corp. (Etisalat) Publication date: 07-May-2009 Primary Credit Analyst: Michael O'Brien, London (44) 20-7176-3561; michael_obrien@standardandpoors.com Secondary Credit...
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| Report Type: | Summary
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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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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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