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Aandeel KPN Koninklijke AEX:KPN.NL, NL0000009082

  • 3,510 7 jun 2024 17:35
  • +0,002 (+0,06%) Dagrange 3,487 - 3,513
  • 7.952.658 Gem. (3M) 11,5M

Moodys: Einde verlaging rating KPN!

2 Posts
| Omlaag ↓
  1. [verwijderd] 16 april 2001 23:23
    EUROPEAN TELECOMS: Ratings may decline further, but stay investment-grade PRESS RELEASE LONDON, 11 April 2001 -- In a report released today, Moody's Investors Service reiterated its negative outlook on the European telecommunications sector based on concerns that some companies will face hurdles in reducing their debt, and Moody's increased scepticism towards the economics of UMTS and the pressures of increasing competition. However, the rating agency also said that ratings were unlikely to dip below Baa2 or Baa3 given these companies' continued strong core franchises, and emphasised that each company needed to be assessed on its own merits. The report entitled "An Investor Road Map to European Telecom" focuses on five incumbent operators - British Telecom, Deutsche Telekom, France Telecom, Sonera and KPN - which have incurred significant amounts of debt as a result of ambitious international investments and UMTS licence fees. "Moody's believes that European telecoms companies remain vulnerable because of their need to reduce debt at a time when increasing shareholder pressure and a non-receptive market for new equity issuance and asset sales are going to make that very difficult," say Moody's Corporate Finance MD, Eric de Bodard and Senior Vice President, Carlos Winzer, authors of the report. At the same time, the authors say that these companies face higher financial and operating risk as the result of both their geographic expansion and their diversification into new business lines and technologies. In particular, Moody's cites the already steep investments that these companies have made in third generation wireless license fees and the high ongoing capital expenditures that the rollout of this UMTS technology will require. "Cash flow generation from investment in UMTS is very uncertain, both in terms of amounts and timing," says Moody's Winzer. "The breakeven point is not likely to be reached before the fourth or fifth year of operation in even the most optimistic scenario." Three of the five players mentioned in the report are already under review for downgrade: British Telecom, Deutsche Telekom, and Sonera, all of which are currently rated A2. This follows already steep downgrades last autumn, with BT falling from Aa1 and DT falling from Aa2. The other two major players, France Telecom and KPN, have already been downgraded twice: FT first from Aa2 to A1, and then to A3; and KPN from Aa3 to A3 and then to Baa2. Nevertheless, Moody's believes that there is a limit as to how far ratings can fall given the leading positions these incumbent providers enjoy in their core markets. The analysts says that their domestic land-line businesses continue to produce both steady growth in demand and healthy operating margins, which - by the time they begin to be eroded meaningfully by competition - will be offset by gains in mobile, data transmission, and other new services.
  2. [verwijderd] 17 april 2001 12:09
    Beste Bees, Bereid je vast voor op een teleurstelling. Downgraden van een rating wil zeggen dat de rating verlaagd wordt! Er is dus ook nog geen sprake van dat de rating van KPN weer 'normaal' gaat worden. Zoals je kunt lezen willen ze twee telecombedrijven zelfs downgraden en KPN op lange termijn ook nog: als ze niks aan schuldenreductie (kunnen) doen. Houdt vertrouwen! Met vriendelijke groet, Koos Burema
2 Posts
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