Report title: Summary: Telefonica O2 Czech Republic a.s.
from S&P Credit Research
970 word report published Sep 25, 2008

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Abstract: The ratings on Telefónica O2 Czech Republic a.s. principally reflect the long-term rating on the company's indirect majority owner, Spain-based Telefónica S.A. (BBB+/Positive/A-2), which has a 69.41% stake and is seen as a strategic shareholder. Additional support stems from 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 credit protection measures. The primary rating constraints are fierce competition from cable operators and alternative providers via the wireless local loop, strong fixed-to-mobile substitution, and some dilution--albeit manageable--in operating margins and cash flows owing to the start-up mobile business in Slovakia. First-half 2008 results were mixed. Sales reached Czech koruna (CZK) 31.3

Brief Excerpt: RESEARCH Ratings Definitions Summary: Telefonica O2 Czech Republic a.s. Publication date: 25-Sep-2008 Primary Credit Analyst: Leandro De Torres Zabala, Madrid (34) 91-389-6965; leandro_detorreszabala@standardandpoors.com Secondary...

Report Type: Summary
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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Price: $175.00



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