Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Qatar Telecom ratings, outlook not affected by acquisition of 50% stake in Tunisiana  Join our daily free Newsletter

MENAFN Press - 24/11/2010

No. of Ratings : 0
Add to Mixx!


 


(MENAFN Press) Standard & Poor's Ratings Services said today that its ratings and outlook on Qatar Telecom (Qtel) Q.S.C. (A/Stable/A-1), incumbent fixed-line and mobile telecoms operator in the State of Qatar (AA/Stable/A-1), are not affected by Qtel's announced signing of an agreement with a consortium led by Tunisian Princesse Holding to acquire from Orascom Telecom Holdings S.A.E. (B-/Watch Pos/--) Orascom's 50% stake in mobile operator Orascom Telecom Tunisie S.A. (Tunisiana) for about 1.2 billion cash.

Tunisiana leads among Tunisia's mobile operators and on June 30, 2009, had a 52.9% subscriber market share. Orascom and Qtel's 52.5% subsidiary National Mobile Telecommunications Company K.S.C. operate Tunisiana.

Our pro-forma calculations show Qtel's adjusted debt to EBITDA for the 12 months ended June 30, 2010, would have been 2.7x, which is still commensurate with the ratings.

This includes the full consolidation of Tunisiana in Qtel's financial statements and an increase in adjusted debt to reflect the proposed 1.2 billion cash consideration.

Ratings stability depends on consolidated adjusted funds from operations to debt remaining above 25% and adjusted consolidated debt to EBITDA remaining at less than 3.0x.


About Standard & Poor’s in the GCC
Standard & Poor's is the leading provider of financial market intelligence to customers in the Gulfs credit risk management, wealth management, and data and information markets. Since entering the region in the late 1980s, Standard & Poor's currently has public ratings on more than 100 issuers. In equity markets, Shariah-compliant versions of Standard & Poors global and regional equity market indices - S&P 500, S&P Europe 350, S&P Japan 500 and S&P/IFCI GCC - have created new opportunities for Islamic investors to benchmark their international investments and for asset managers to create new investment products serving the Islamic community. Standard & Poors Fund Services launched a qualitative fund management rating service for regional asset managers in 2007 assigning 17 Fund Management Ratings.

 






  MENA News Headlines


 
Click to Apply






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country
Marketwatch News
UPI News
Comtex News

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help