Fitch ups France Telecom

Fitch Ratings said it upgraded France Telecom SA's senior unsecured rating to A- from BBB+ and affirmed the short-term rating at F2.

Following the upgrade, the outlook is now stable.

Fitch said the upgrade reflects further evidence that France Telecom's business and financial risk profile has improved over the recent months, while the company remains committed to de-leveraging until fiscal 2005.

First quarter 2004 sales and TOP savings program performances have shown that France Telecom continues to deliver strong operating results after an above-expectations fiscal 2003, underlying that the French incumbent's operating efficiency improvement potential has not yet been exhausted. The operating margin continues to improve in first quarter 2004 in spite of an increase in selling and marketing expenses aimed at fuelling top line growth.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.