Moody's ups Partner Communications

Moody's Investors Service said it upgraded the ratings of Partner Communications Co. Ltd. and changed the outlook to stable from positive.

The following ratings have been upgraded: senior implied rating to Ba1 from Ba2; the $175 million senior subordinated notes due 2010 to Ba3 from B1; the senior bank credit facilities to Ba1 from Ba2; and the senior unsecured issuer rating to Ba3 from B1.

Moody's said the upgrade reflects Partner's strong operational and financial performance, which the company has achieved since its upgrade in December 2003. The company has continued to expand its subscriber base, recording a growth of 11% in 2004, while the total revenue has grown by 15% with an EBITDA margin of 30.7%.

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