OPERATORS' CREDIT RATINGS LIKELY TO REMAIN UNDER PRESSURE.
Guy Deslondes indicated that he is expecting difficulties to peak towards the middle of the year for the most cash-starved alternative operators. The situation remains grave for leading traditional players, often because of excessive debt levels. "Despite the implementation of debt reduction programmes, described by management as aggressive, debt remains high at Deutsche Telekom and France Telecom and has not been reduced at all since 2000", according to Mr Deslondes. The SP analyst describes the programme launched by France Telecom to cut debt (Euro 64.9 billion at the middle of last year)...
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