TELECOMMUNICATIONS OPERATORS FOLLOW PATH OF DEBT REDEMPTION.

Efforts to reduce debt, a priority for European telecommunications operators since the end of 2000, are beginning to bear fruit, except at the two giants France Telecom and Deutsche Telekom. "Many issuers of sector-related bonds have condemned the enormous debt burden on operators, an inheritance from foolish acquisitions during liberalisation and the extravagant price of third generation licences", according to Peter Kernan, an analyst with Standard and Poor's. The latest illustration of the turnaround is the Dutch operator KPN. On the verge of bankruptcy a year ago, the group announced its first profits for a year on...