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Auszug aus "Ratings direct" über La Poste, S & P, 3. April 2007: "S & P continues to follow a top-down rating methodology for La Poste - which allows for a governement supported entity to be rated by up to two categories below the sovereign- as we expect the French state to remain La Poste's 100 % shareholder in the medium term. [EU] Extracto de «Ratings direct» sobre La Poste, S & P, 3 de abril de 2007: «S & P continues to follow a top-down rating methodology for La Poste ; which allows for a governement supported entity to be rated by up to two categories below the sovereign- as we expect the French state to remain La Poste's 100 % shareholder in the medium term.

this);">Auszug aus "Ratings direct" über La Poste, S & P, 3. April 2007: "The EC recently recommended that the French government end this guarantee by year-end 2008, which they believe provides LP with more favorable financing conditions than its competitors in a market in the process of being liberalized. [EU] Extracto de «Ratings direct» sobre La Poste, S & P, 3 de abril de 2007: «The EC recently recommended that the French government end this guarantee by year-end 2008, which they believe provides La Poste with more favorable financing conditions than its competitors in a market in the process of being liberalized.

Die fragliche Zusicherung hatte die französische Regierung zum einen vor der Öffentlichkeit in dem in Erwägungsgrund 36 erwähnten Interview abgegeben, zum anderen direkt gegenüber S & P: "Der französische Staat, der 55 % von France Télécom hält, hat gegenüber Standard & Poor`s deutlich erklärt, er werde sich als marktwirtschaftlich handelnder Kapitalgeber verhalten und angemessene Maßnahmen ergreifen, falls FT in Schwierigkeiten geraten sollte. Langfristiges Rating von France Télécom auf BBB- gesenkt". ("the French State ;which owns 55 % of France Télécom - has clearly indicated to Standard & Poor's that it will behave as an aware investor and would take appropriate steps if France Télécom were to face any difficulties. France Télécom LT rating cut to BBB-".). [EU] France Télécom LT rating cut to BBB-».) y, por otra, la reiteró públicamente en la entrevista que se menciona en el considerando 36.

Die Hinweise des Staates stützen jedoch die Bewertung der Kreditqualität von FT mit 'Investment Grade'." ("FT could face certain difficulties refinancing its debt obligations coming due in 2003. Nevertheless, the State's indication underpins France Télécom's investment-grade credit quality".) [EU] Calificación a largo plazo de France Télécom rebajada a BBB-». («the French State ;which owns 55 % of France Télécom - has clearly indicated to Standard & Poor's that it twill behave as an aware investor and would take appropriate steps if France Télécom were to face any difficulties.

Die Ratingagentur Standard & Poor`s gab gekannt: "Der französische Staat, der 55 % von France Télécom hält, hat gegenüber Standard & Poor`s deutlich erklärt, er werde sich als marktwirtschaftlich handelnder Kapitalgeber verhalten und angemessene Maßnahmen ergreifen, falls FT in Schwierigkeiten geraten sollte". ( 'the French State - which owns 55 % of France Telecom - has clearly indicated to Standard & Poor's that it will behave as an aware investor and would take appropriate steps if France Telecom were to face any difficulties'.) [EU] La agencia Standard & Poor's indica que: «El Estado francés - que dispone del 55 % de France Télécom -, indicó claramente a esta agencia que si FT tuviese dificultades, su comportamiento sería el de un inversor prudente y tomaría las disposiciones adecuadas». ( 'the French State - which owns 55 % of France Télécom - has clearly indicated to Standard & Poor's that it twill behave as an aware investor and would take appropriate steps if France Télécom were to face any difficulties'.)

Die stabile Aussicht zeigt, dass das Rating seinen Tiefpunkt erreicht hat, fügte Deslondes hinzu". ( 'FT's short term risk has been mitigated by the French government said S & P analyst Guy Deslondes in a conference call. [EU] La estabilidad de la perspectiva pone de manifiesto que la calificación ha alcanzado su nivel más bajo, ańadió Deslondes». ( «FT's short term risk has been mitigated by the French government said S & P analyst Guy Deslondes in a conference call.

[...] Friday's rating action took into account S&P's confidence that the French government will help FT refinance itself, at least for its 2003 obligations. [EU] [...] Friday's rating action took into account S & P's confidence that the French government will help FT refinance itself, at least for its 2003 obligations.

(Hervorhebung hinzugefügt); (iv) - im Abschnitt "risks/weaknesses"- folgende Tatsache: "das mit der beträchtlichen Verschuldung von France Télécom verbundene finanzielle Risiko steht nicht im Einklang mit einer 'Investment Grade'-Einstufung (was durch die gute operative Performance und die implizite Unterstützung der französischen Regierung kompensiert wird) ". ( "the financial risk of the highly leveraged FT is not commensurate with investment grade (compensated by strong operational performance/implicit support of French government)".) [EU] (el subrayado es nuestro); (iv) - en la sección «risks/weaknesses section» - el hecho de que: «el riesgo financiero vinculado al considerable endeudamiento de France Télécom no corresponde a su calidad de inversión (la cual queda compensada por sus buenos resultados operativos y por el apoyo implícito del Gobierno francés». ( 'the financial risk of the highly leveraged FT is not commensurate with investment grade (compensated by strong operational performance/implicit support of French government)'.)

(Jeremy Bulow and Kenneth Rogoff, S overeign Debt: Is to Forgive to Forget?, 79 AMERICAN ECONOMIC REVIEW 43-50 (1989)."In the same vein, the French government benefits from a reputation for honouring the commitment it makes regarding its management of many commercial enterprises, and matters affecting the fiscal position of the government. [EU] (Jeremy Bulow and Kenneth Rogoff, S overeign Debt: Is to Forgive to Forget?, 79 AMERICAN ECONOMIC REVIEW 43-50 (1989).«In the same vein, the French government benefits from a reputation for honouring the commitment it makes regarding its management of many commercial enterprises, and matters affecting the fiscal position of the government.

'Moody's have taken increased comfort from the governments statement, which once again confirmed their strong support for FT. Whilst Moody's concerns regarding the overall level of financial risk and particularly FT's weak liquidity position remain, Moody's has grown more comfortable with expectation that the French government will act in a supportive manner, if FT started to encounter difficulties with its debt repayment schedule'.) (Hervorhebung hinzugefügt) [EU] 'Moody's have taken increased comfort from the governments statement, which once again confirmed their strong support for FT. Whilst Moody's concerns regarding the overall level of financial risk and particularly FT's weak liquidity position remain, Moody's has grown more comfortable with expectation that the French government will act in a supportive manner, if FT started to encounter difficulties with its debt repayment schedule'.) (el subrayado es nuestro).

Moody's: 'Moody's places France Telecom and Orange's long-term debt ratings on review for downgrade - Approximately EUR60 billion of Debt Securities Affected... The France Telecom ratings under review for possible downgrade relate to the following: Convertible global bonds, Euro MTNs, Eurobonds, Floating Rate Euro MTNs, Floating Rate French Franc Bonds, French Bonds, Swiss Franc Bonds, its issuer rating and bank loan rating.... any resulting rating action should not exceed more than one notch'. [EU] Moody's: 'Moody's places France Telecom and Orange's long-term debt ratings on review for downgrade - Approximately EUR60 billion of Debt Securities Affected... The France Telecom ratings under review for possible downgrade relate to the following: Convertible global bonds, Euro MTNs, Eurobonds, Floating Rate Euro MTNs, Floating Rate French Franc Bonds, French Bonds, Swiss Franc Bonds, its issuer rating and bank loan rating.... any resulting rating action should not exceed more than one notch'.

Nach Angaben von P&O handele es sich bei dem betreffenden Markt um die kurzstreckigen Überfahrten (das heißt zwischen Dover und Frankreich) im Passagier- und Frachtverkehr ("Short French Sea tourist and freight market"). [EU] Según P & O, el mercado de referencia sería el de la travesía marítima corta (es decir, entre Dover y Francia) para pasajeros y mercancías («Short French Sea tourist and freight market»).

Nach Ansicht von S & P könnte FT gewisse Schwierigkeiten bei der Refinanzierung seiner 2003 fälligen Finanzschulden haben. Die Hinweise des Staates stützen jedoch die Bewertung der Kreditqualität von FT mit 'Investment Grade'." ("The French state-which owns 55 % of France Télécom has clearly indicated to Standard&Poor's that it will behave as an aware investor and would take appropriate steps if France Télécom were to face any difficulties ... Indeed S & P believes that the company could face certain difficulties refinancing its debt obligations coming due in 2003. Nevertheless, the State's indication underpins France Télécom's investment-grade credit quality". [EU] Nevertheless, the State's indication underpins France Télécom's investment-grade credit quality'.

Nach den Berechnungen der Deutschen Bank hätte das Verhältnis Schulden/EBITDA im zweiten Halbjahr 2002 bei 4,9 und am 31. Dezember 2002 bei 5,20 gelegen. ('... on July 12, 2002, S & P ... downgraded France Télécom's ratings to BBB- ... The agency no longer expects France Télécom to hit the 3.5x net debt/EBITDA target by 2003, but did assign a "stable" outlook to the low triple B ratings. It seems that the stable outlook is anchored by "the French state ... [which] has clearly indicated to Standard & Poor's that it will behave as an aware investor and would take appropriate steps if France Télécom were to face any difficulties." [EU] La actual calificación de FT, BBB-, parece ampliamente estar basada en mayor medida en la promesa del apoyo del Gobierno de garantizar la liquidez que en sus indicadores principales ". Según los cálculos del Deutsche Bank, la relación deuda/EBITDA de FT parece haber sido del 4,9 el segundo semestre de 2002 y del 5,20 a 31 de diciembre de 2002.

Quellen: Moody's Investors Service Press Release 30/01/2002; Reuters News Service, Reuters French Language News 30/01/2002. [EU] Fuentes: Moody's Investors Service Press Release 30/01/2002; Reuters News Service, Reuters French Language News 30/01/2002.

Quelle: Reuters News Service, Reuters French Language News 22/06/2001. [EU] Fuente: Reuters News Service, Reuters French Language News 22/06/2001.

Research France Télécom, STANDARD & POOR'S RATINGSDIRECT, 17. Dezember 2002: "Ab Juli 2002 war die Unterstützung seitens der französischen Regierung einer der Schlüsselfaktoren für die weitere Bewertung von FT als 'Investment Grade'. [EU] Research France Télécom, Standard & poor's ratingsdirect, de 17 de diciembre de 2002: «Desde julio de 2002 el apoyo del Estado francés ha sido un factor clave de la calificación del grupo al mantenerlo en el rango de inversión». ( 'Since July 2002, support from the French state has been a key rating factor, underpinning the group's investment-grade status'.)

Siehe auch Slide 42 in 'France Telecom presentation to investors of December 5th, 2002', wo die Kreditlinie des französischen Staates ( French state back-up facility) als sofort verfügbar (immediately available) beschrieben wird. [EU] Véase también la diapositiva 42 de «France Telecom presentation to investors of December 5th, 2002» de la línea de crédito del Estado francés ( French state back-up facility) se describe como inmediatamente disponible (immediately available).

Siehe beispielsweise: "Die heutige Ankündigung des französischen Staates, er werde sofort einen Aktionärsvorschuss von 9 Mrd. EUR gewähren..." ( 'The French State's announcement today that it will immediately grant 9€; shareholder loan ...') (S & P 5. Dezember 2002); "Dies bestätigt die Mitteilungen von FT, dass dem Konzern über ERAP eine Kreditlinie von 9 Mrd. EUR zur Verfügung gestellt wurde..." ( 'the confirmation follows FT's announcements that EUR9 billion loan facility has been put in place via ERAP ...'.) [EU] Véase, por ejemplo: «El anuncio hecho hoy por el Estado de que iba a conceder inmediatamente un anticipo de accionista de 9000 millones de euros...» ( 'The French State's announcement today that it will immediately grant 9€; shareholder loan ...') (S & P 5 de diciecembre de 2002); «Esta confirmación sigue al anuncio por FT de que se ha abierto la línea de crédito de 9000 millones de euros» ( 'the confirmation follows FT's announcements that EUR9 billion loan facility has been put in place via ERAP ...'.)

" ( 'Since July 2002, support from the French state has been a key rating factor, underpinning the group's investment-grade status'.) [EU] (el subrayado es nuestro).

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The example sentences were kindly provided by:
[I] IndustryStock.com, [L] spanisch-lehrbuch.de.
Sentences marked by [EU] derived from DGT Multilingual Translation Memory. The European Commission retains ownership of the copyright in the original data.
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