17.02.09 12:45 - *Telefonica: Moody's alza outlook da stabile a positivoPer Moody's, la domanda di servizi telefonici in America Latina crescerà ancora nel 2009 e la crescita dei nuovi utenti insieme con la possibilità di ridurre il capex aiuterà le società del comparto a mantenere livelli di cash flow stabili nel 2009.
Buone nuove per quelle telecom europee presenti significativamente nell'area (Telefonica, Portugal Telecom, Telecom Italia).
[FONT=verdana,arial,helvetica]Moody's: Latin American Telecom Outlook Stable[/FONT]
[FONT=verdana,arial,helvetica]New York, February 11, 2009 -- Moody's stable outlook for the telecom industry in Latin America is based on the view that subscriber growth, combined with capital-spending cuts, will help the industry sustain stable cash-flow levels in 2009. [/FONT]
[FONT=verdana,arial,helvetica]Overall, demand for telecom services remains fairly strong in Latin America, says Moody's. On average, nominal revenue growth for the industry as a whole is likely to slow to about 5% this year, from about 7% in 2008. [/FONT]
[FONT=verdana,arial,helvetica]"However, we believe that telecom companies will scale back capital spending to offset slowing revenue growth and the hit from a stronger dollar, thus protecting cash flows," says Moody's AVP-Analyst Nymia Almeida. [/FONT]
[FONT=verdana,arial,helvetica]According to Moody's, the demand for wireline, wireless and high-margin Internet services continues to grow in the developing markets of Brazil, Mexico, Argentina, Colombia and Chile, which still have relatively low penetration rates compared with developed regions. [/FONT]
[FONT=verdana,arial,helvetica]This growth, however, will vary significantly by business segment and by country, says Almeida. Companies that focus more on the mature wireline segment -- which faces intense competition primarily from wireless companies -- will be most vulnerable to slowing revenue growth. [/FONT]
[FONT=verdana,arial,helvetica]"Despite the effect of the economic downturn on subscriber growth, we expect that companies in the region will be able to support stable credit profiles by increasing their subscriber bases and trimming capital spending," says Almeida. [/FONT]
[FONT=verdana,arial,helvetica]In addition, governments in Latin America are committed to increasing the penetration of telecom services, which are helping to fuel economic and social development. [/FONT]
[FONT=verdana,arial,helvetica]Overall, the expectation of timely responses to lingering capital-market weakness is key to Moody's outlook, although refinancing risk is low as most of the rated telecom companies in Latin America have manageable debt-maturity profiles and have maintained robust liquidity, with enough cash on hand to repay debt and fund operating needs for the next 12 months. [/FONT]
[FONT=verdana,arial,helvetica]The full report, titled, "Latin American Telecom: Six-Month Update" is available at www.moodys.com. [/FONT]