Moody's affirms Swisscom

Moody's Investors Service said it affirmed the A2 senior unsecured issuer rating assigned to Swisscom AG. The baseline credit assessment was changed to 8 from 7 to reflect the weakening in financial metrics resulting from the acquisition of Fastweb.

The outlook is stable.

The affirmation and change in baseline credit to reflects Swisscom's announcement that its bid to acquire Fastweb shares had been successful, Moody's said.

Moody's noted the expectation that Swisscom will continue to pursue a conservative financial risk and investment strategy, despite the deterioration in financials in 2006 due to the high share buyback and the debt financed minority buyout of Vodafone's stake in its mobile subsidiary.

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