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S&P Credit Research1523 word report
published Oct 30, 2009
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S&P Credit Research
| Abstract: | The ratings on Poland-based mobile telecommunications operator Polkomtel reflect Standard&Poor's Ratings Services' view of its modest leverage, intermediate financial risk profile characterized by strong credit metrics, and solid cash flow generation. The ratings are also supported by Polkomtel's leading revenue and subscriber market share in the Polish mobile market; and by its sound profitability, with EBITDA margins consistently in the mid- to high-30s range. The ratings are, however, constrained by the increasingly competitive nature of the Polish mobile market and ongoing regulatory pressures. As of June 30, 2009, Polkomtel had gross reported financial debt of Polish zloty (PLN) 2.05 billion (about €0.5 billion) or PLN3.36 billion on an adjusted basis, resulting in annualized adjusted debt to EBITDA of
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| Brief Excerpt: | RESEARCH Ratings Definitions Summary: Polkomtel S.A. Publication date: 30-Oct-2009 Primary Credit Analyst: Helen O'Toole, London (44) 20-7176-3508; helen_otoole@standardandpoors.com Secondary Credit Analyst: Michael O'Brien, London...
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| Report Type: | Summary
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| Issuer: | Polkomtel S.A.
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| GICS: | Wireless Telecommunication Services (50102010)
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| Sector: | Global Issuers
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| Country: | Poland
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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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