Abstract: MADRID (Standard&Poor's) Dec. 3, 2008--Standard&Poor's Ratings Services said today that it has raised its long-term corporate credit rating on Czech Republic-based integrated fixed and mobile telecommunications operator Telefónica O2 Czech Republic a.s. to 'A-' from 'BBB+'. The outlook is stable. "The upgrade is attributable to the company's strong operating performance and prudent financial policy," said Standard&Poor's credit analyst Leandro De Torres Zabala. It also follows the upgrade of 69.4% majority shareholder, Telefonica S.A. (A-/Stable/A-2), which is seen as a strategic shareholder, with de facto control over the Czech subsidiary's business strategy, financial policy, and treasury functions (cash pooling). The revised rating reflects the operator's stand-alone creditworthiness, based on healthy domestic growth in mobile, fixed

Brief Excerpt: RESEARCH Ratings Definitions TelefA¦nica O2 Czech Republic a.s. Upgraded To 'A-', In Line With Parent; Outlook Stable Publication date: 03-Dec-2008 Primary Credit Analyst: Leandro De Torres Zabala, Madrid (34) 91-389-6965; leandro_detorreszabala@standar...

Report Type: News
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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 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.