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Rating Action:

MOODY'S PLACES TELEKOMUNIKACJA POLSKA S.A.'S DEBT RATINGS OF Baa3 ON REVIEW FOR POSSIBLE UPGRADE

30 Jan 2001
MOODY'S PLACES TELEKOMUNIKACJA POLSKA S.A.'S DEBT RATINGS OF Baa3 ON REVIEW FOR POSSIBLE UPGRADE

Approximately $2 billion of Debt Securities Affected

London, 30 January 2001 -- Moody's Investors Services today placed the Baa3 senior debt ratings of Telekomunikacja Polska SA ("TPSA") under review for possible upgrade. The review reflects positive progress in TPSA's ability to maintain its market share in fixed line service and the establishment of a meaningful market position in mobile service, both signs that its investment in its network and offering new services have been effective.

The review will focus on TPSA's continued ability to protect its fixed-line market share, which is currently above 95%. Moody's believes that TPSA's introduction of value-added services, such as ISDN and ADSL, and rebalancing of tariffs offer TPSA the opportunity to retain a very high level of its domestic fixed-line market, at a time of sustained strong growth in this market (due to a low fixed-line penetration of 27%). In addition, Moody's will also focus on the development of the wireless market, in which PTK-Centertel -owned 66% by TPSA, with France Telecom (rated A1) owning the remaining 34% - is the third-largest mobile operator with an estimated market share of 23%. This market's penetration is currently low at 17%. All three current operators have been awarded a UMTS license, and there is a possibility of a further license being awarded from January 2002. Furthermore, Moody's will evaluate the relative strength of TPSA in its respective markets, its strategic focus and management's ability to implement its strategy by determining the level of future cash flows, and the amount of investment required to generate them, whilst also considering TPSA's potential to strengthen its existing credit protections. Moody's will also take into account the regulatory environment, the expected pace of liberalisation and the event and business risk embodied within TPSA's strategy. Finally, Moody's review will also take into account France Telecom's role as a strategic partner in view of its ownership of a total of 35% (indirectly and directly) of TPSA's issued voting share capital. A potential increase in France Telecom's stake - such that it gains majority control of TPSA - would have a positive impact on TPSA's rating.

The ratings under review are:

US$ 800 million 7.75% Senior Unsecured due December 2008; US$ 200 million 7.125% Senior Unsecured due December 2003; EUR 500 million 6.125% Senior Unsecured due October 2004; EUR 475 million 6.5% Senior Unsecured due March 2003.

TPSA is the principal provider of telecommunication services in Poland and offers a range of services, including fixed-line domestic and international telecommunications, leased lines, broadband data transmission, Internet and other value-added services. TPSA had 10.2 million fixed-line subscribers as at 31 December 2000 and retains exclusive rights to provide wireline international services. TPSA has non-exclusive rights to provide local wireline services. It also owns 66% of the shareholding of PTK-Centretel, one of the three mobile companies in Poland, through which it has around 6.7 million subscribers as at 31 December 2000.

London
Carlos Winzer
Senior Vice President
European Corporate Ratings
Moody's Investors Service Ltd.
44 20 7772 5454

London
Aidan Fisher
Vice President - Senior Analyst
European Corporate Ratings
Moody's Investors Service Ltd.
44 20 7772 5454

No Related Data.
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