Partner Communications Reports That S&P Maalot Has Reaffirmed the Company's 'iLAA-' Credit Rating & Revised Outlook to Negati...
October 19 2010 - 11:06AM
Business Wire
Partner Communications Company Ltd. ("Partner" or "the
Company") (NASDAQ:PTNR) (TASE:PTNR), a leading Israeli
communications operator, reports that Standard & Poor's
Maalot ("S&P Maalot") announced today, following the
Company's immediate report dated October 13, 2010 that it has
entered into a share purchase agreement to acquire all of the
outstanding shares of 012 Smile Telecom Ltd., that it has
reaffirmed the company's 'ilAA-' credit rating and has
revised the outlook from stable to negative.
In its report, S&P Maalot stated, inter alia, that:
"Although we think this acquisition could enhance Partner's future
competitive position, the transaction could lead to a marked
increase in leverage, reducing financial headroom at the current
rating level".
S&P Maalot also stated that: "Although not our baseline
rating scenario at this stage, the negative outlook reflects the
risks of a rating downgrade over the next 18-24 months if we see
operating performance deteriorating beyond our expectations and
leverage increasing beyond levels we consider commensurate with the
current rating level".
To review the full report by S&P Maalot:
http://www.maalot.co.il/
Forward-Looking
Statements
This press release includes forward-looking statements within
the meaning of Section 27A of the US Securities Act of 1933, as
amended, Section 21E of the US Securities Exchange Act of 1934, as
amended, and the safe harbor provisions of the US Private
Securities Litigation Reform Act of 1995. Words such as "believe",
"anticipate", "expect", "intend", "seek", "will", "plan", "could",
"may", "project", "goal", "target" and similar expressions often
identify forward-looking statements but are not the only way we
identify these statements. All statements other than statements of
historical fact included in this press release regarding our future
performance, plans to increase revenues or margins or preserve or
expand market share in existing or new markets, reduce expenses and
any statements regarding other future events or our future
prospects, are forward-looking statements.
We have based these forward-looking statements on our current
knowledge and our present beliefs and expectations regarding
possible future events. These forward-looking statements are
subject to risks, uncertainties and assumptions about Partner,
consumer habits and preferences in cellular telephone usage, trends
in the Israeli telecommunications industry in general, the impact
of current global economic conditions and possible regulatory and
legal developments. For a description of some of the risks we face,
see "Item 3D. Key Information - Risk Factors", "Item 4. -
Information on the Company", "Item 5. - Operating and Financial
Review and Prospects", "Item 8A. - Consolidated Financial
Statements and Other Financial Information - Legal and
Administrative Proceedings" and "Item 11. - Quantitative and
Qualitative Disclosures about Market Risk" in the Company's 2009
Annual Report (20-F) filed with the SEC. In light of these risks,
uncertainties and assumptions, the forward-looking events discussed
in this press release might not occur, and actual results may
differ materially from the results anticipated. We undertake no
obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise.
About Partner Communications
Partner Communications Company Ltd. ("Partner") is a leading
Israeli provider of telecommunications services (cellular,
fixed-line telephony and internet services) under the orange™
brand. The Company provides mobile communications services to over
3 million subscribers in Israel. Partner’s ADSs are quoted on the
NASDAQ Global Select Market™ and its shares are traded on the Tel
Aviv Stock Exchange (NASDAQ and TASE: PTNR).
Partner is an approximately 45%-owned subsidiary of Scailex
Corporation Ltd. ("Scailex"). Scailex's shares are traded on the
Tel Aviv Stock Exchange under the symbol SCIX and are quoted on
"Pink Quote" under the symbol SCIXF.PK. Scailex currently operates
in two major domains of activity in addition to its holding in
Partner: (1) the sole import, distribution and maintenance of
Samsung mobile handset and accessories products primarily to the
major cellular operators in Israel (2) management of its financial
assets.
For more information about Scailex, see
http://www.scailex.com.
For more information about Partner, see
http://www.orange.co.il/investor_site .
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