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Technology Stocks : Vodafone-Airtouch (NYSE: VOD)
VOD 14.65-0.4%Jan 30 9:30 AM EST
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To: MrGreenJeans who wrote (1901)8/26/1999 1:52:00 PM
From: MrGreenJeans  Read Replies (1) of 3175
 
Fitch affirms Vodafone AirTouch rating at A
LONDON, Aug 26 (Reuters) - Rating agency Fitch IBCA said on Thursday it took mobile phone operator Vodafone AirTouch Plc off RatingAlert negative and affirmed it at the former Vodafone Group Plc rating of A senior unsecured and F1 short-term.

Fitch said in a statement that Vodafone Group Plc's ratings were placed on RatingAlert negative in January when the proposed merger with AirTouch Inc was announced because of an expected rise in debt and deterioration in bond-holder protection.

Fitch said the very strong growth in mobile telephony and the company's improved business position justified an affirmation of Vodafone's rating for the enlarged group formed after the merger.

``Vodafone AirTouch should continue to generate substantial sums of cash that will be sufficient to service its financing charges,' the statement said.

However, Fitch said it still had some concerns about the group's future debt requirements. An anticipated reduction in indebtedness could be hit by further acquisitions. Bond-holder protection would be weakened unless the acquisitions could make an immediate contribution to cash flow, it said.

``If there are signs of faltering growth while Vodafone AirTouch is still increasing its debt burden, then the present ratings (which are not solicited by the company) could be put under pressure,' the statement said.
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