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 from Emirates Integrated Telecom Co. (Du). Standard&Poor's Ratings Services expects strong population growth in the UAE to continue driving demand for telecoms services. Etisalat's profitability levels are very strong, with an EBITDA margin of 74.0% in the first half of 2008. The company generates strong cash flows and has good financial flexibility, backed by a portfolio of growing overseas assets, the value of which has increased significantly. The ratings also

Brief Excerpt: RESEARCH Ratings Definitions Summary: Emirates Telecommunications Corp. Publication date: 20-Aug-2008 Primary Credit Analyst: Michael O'Brien, London (44) 20-7176-3561; michael_obrien@standardandpoors.com Secondary Credit Analyst:...

Report Type: Summary
Ticker: DU@UH
Issuer: Emirates Telecommunications Corp.
Sector: Corporations, Global Issuers, Telecommunications & Cable
Country: United Arab Emirates
Region: Europe, Middle East, Africa
Free Sample: Click Here to Download

Enter the keyword(s) which you would like to search for within this document and click "Search"

 

 S&P Credit Research
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.