Along the right lines

6 December 2002 By Mike Monnelly

New managers are fixing balance sheets fast. With France Telecom, the final piece of the jigsaw falls into place. The remaining risks: fresh bond supply, FT’s share offer, Deutsche Telekom’s asset sales and Vodafone’s imperialism.

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Standard & Poors, the credit rating agency, on Thursday raised its rating on the Dutch telecoms incumbent KPN by one notch to BBB from BBBminus.

"The upgrade reflects the continued success of KPN in deleveraging its balance sheet and improving operational performance," S&P said. "Critically, KPN is generating strong sustainable free cash flow."

Rival agency Fitch on Thursday raised its outlook on France Telecom's BBBminus rating to positive from stable. Its action followed restructuring proposals outlined by the company's new chief executive Thierry Breton.

Along the right lines

6 December 2002 By Mike Monnelly

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