Partner Communications Announces That S&P Maalot Has Reaffirmed the Company's ila+ Credit Rating & Updated the Company's Rati...
August 05 2019 - 11:12AM
Business Wire
Partner Communications Company
Ltd. ("Partner" or the "Company") (NASDAQ and TASE: PTNR), a
leading Israeli communications operator reports today that
Standard & Poor’s Global Ratings Maalot Ltd. (“Maalot”),
has published a rating report regarding the Company. In its report,
Maalot reaffirmed the Company’s 'ilA+' credit rating and updated
the Company's rating outlook from "stable" to "negative". In
addition, Maalot reaffirmed the 'ilA+' rating of the Company's
series of debentures.
In accordance with the Maalot
report, the negative outlook reflects Maalot's assessment that the
intense competition in the entire telecommunications market will
continue in 2019-2020, and an additional erosion will occur in the
Company's operating performance that will lead to adjusted
profitability (EBITDA margin), below 20%. In addition, the
Company's extensive investments in the fiber optics project might,
in their assessment, lead to low to negative free cash flow in the
next 12 months and erode the Company's cash reserves. However
Maalot noted that most investments are in growth engines, such as
the fiber optics project and in increasing the TV service’s
penetration, and they can be decreased or spread out if necessary.
Maalot believes that the acceleration of these investments is
material in preserving Partner’s position as one of the three
leading telecommunication companies in Israel and is expected to
support its business profile in the long term. Furthermore, Maalot
expects the Company's leverage to increase in 2019-2020 but will
remain low compared with its competitors.
For further information see S&P Maalot's full Report dated
August 5, 2019 on:
https://www.maalot.co.il/Publications/495/FRPar20190805171407.pdf
or its informal English translation attached to the immediate
report on Form 6-k to be furnished to the Securities and Exchange
Commission.
About Partner Communications
Partner Communications Company Ltd. is a leading Israeli provider
of telecommunications services (cellular, fixed-line telephony,
internet and television services). 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).
For more information about Partner see:
http://www.partner.co.il/en/Investors-Relations/lobby/
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version on businesswire.com: https://www.businesswire.com/news/home/20190805005438/en/
Mr. Tamir Amar Chief Financial Officer Tel:
+972-54-781-4951
Ms. Liat Glazer Shaft Head of Investor Relations &
Corporate Projects Tel: +972-54-781-5051 E-mail:
investors@partner.co.il
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