Report title: Summary: Telefonica O2 Czech Republic a.s.
from S&P Credit Research
1012 word report published Apr 02, 2009

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Abstract: The rating on Telefónica O2 Czech Republic a.s. principally reflects the long-term rating on the company's indirect majority owner, Spain-based Telefónica S.A. (A-/Stable/A-2), which is a strategic shareholder with a 69.4% stake. Additional rating support stems from the Czech 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 decline--albeit manageable--in operating margins and cash flows owing primarily to the start-up mobile business in Slovakia. Telefónica O2 Czech Republic's 2008 results were satisfactory in our opinion,

Brief Excerpt: RESEARCH Ratings Definitions Summary: Telefonica O2 Czech Republic a.s. Publication date: 02-Apr-2009 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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