Investment-grade telcos in Europe are still heading in the right direction, according to latest research from Standard & Poor’s.
Efforts to achieve optimal operating and capital efficiency, along with the adoption of conservative financial policies, have been rewarded by improved creditworthiness during the first half of 2003.
S&P singled out France Télécom, Deutsche Telekom and KPN as having made the most progress, although both BT and Vodafone turned in strong figures for the financial year to March 31, 2003.
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