5 May 2009 07:00
Telecom Egypt Maintains Credit Rating of "AA" Stable Outlook for the Company
Cairo, 5th May, 2009: Telecom Egypt (TE) (Ticker: ETEL.CA; TEEG.LN), today announced that Middle East Rating & Investors' Service (MERIS) has maintained its National Scale Rating of "AA" with a "Stable" outlook for the entity and bond rating.
An "AA" grade denotes very strong creditworthiness and a low likelihood of credit loss relative to other domestic issuers. The (+/-) signs denote relative status within each rating category. The attached stable outlook assumes that the company will be able to sustain the current business and financial profile in the medium term.
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For further information:
Ahmed Fathallah Mohamed Kamal
Director of Investment & Investor Relations Investor Relations Manager
Tel: +2 02 31316699 Tel: +2 02 31315219
Fax: +2 02 31316115 Fax: +2 02 31316116
E-mail: investor.relations@telecomegypt.com.eg
Notes to Editors:
Within this statement, we may make forward-looking statements regarding future events or the future performance of the Company. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that the predictions, forecasts, projections and other forward-looking statements will not be achieved. You should be aware that a number of important factors could cause actual results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in such forward-looking statements. When relying on forward-looking statements, you should carefully consider the political, economic, social and legal environment in which Telecom Egypt operates. Such forward-looking statements speak only as of the time of this release today. Accordingly, Telecom Egypt does not undertake any obligation to update or revise any of them, whether as a result of new information, future events or otherwise other than as required by applicable laws, the Listing Rules or Prospectus Rules of the United Kingdom Listing Authority, the Egyptian Capital Markets Authority or the Cairo and Alexandria Stock Exchange. The documents filed from time to time with these authorities may identify important factors that could cause actual results to differ materially from those contained in any forward-looking statements.
About Telecom Egypt
Telecom Egypt (TE), Egypt's incumbent telecommunications operator, started its operations in 1854 with the first telegraph line in Egypt. Then it was corporatized in 1998 to replace the former Arab Republic of Egypt National Telecommunication Organization (ARENTO). The Company is the largest provider of fixed-line services in the Middle East and Africa with 11.7 million subscribers as at the end of December 2008.
TE provides retail telecommunication services including access, local, long distance and international voice, Internet and data, and other services. The company also provides wholesale services including bandwidth capacity leasing to ISPs, and national and international interconnection services. Telecom Egypt's services also include the provision of narrowband and broadband internet access through its subsidiary TE Data. TE Data has active operations in Egypt and Jordan.
TE currently participates in the mobile segment in Egypt by providing mobile interconnectivity through its current, increased 44.95% holding in Vodafone Egypt, one of the three existing Egyptian mobile operators.
TE's shares and GDRs (Ticker: ETEL.CA; TEEG.LN) are traded on the Egyptian Stock Exchanges and the London Stock Exchange.
Telecom Egypt S (TEEG)