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Auszug aus "Ratings direct" über La Poste, S & P, 3. April 2007: "The ratings on La Poste could be downgraded, however, if state backing for the company were to weaken" (Das Rating von La Poste könnte jedoch herabgestuft werden, wenn die Unterstützung des Staates für dieses Unternehmen nachlässt). [EU] Extracto de «Ratings direct» sobre La Poste, S & P, 3 de abril de 2007: «The ratings on La Poste could be downgraded, however, if state backing for the company were to weaken» (Las calificaciones de La Poste podrían no obstante reducirse si el apoyo del Estado a esta empresa se debilitase).

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.

In diesem Sinne siehe auch die bereits zitierte Studie der Deutschen Bank vom 22. Juli 2002: "Wenn wir von einem Wechsel an der Spitze ausgehen, was für jede Transaktion erforderlich wäre (...) Mit einem neuen Management ließe sich die Kapitalerhöhung vielleicht am Markt verkaufen" ( 'If we assume a management change which would be necessary for any deal ()... With a new management the equity story could then perhaps be sold to the markets' S. 33). [EU] En el mismo sentido véase el Estudio del Deutsche Bank del 22 de julio de 2002, anteriormente mencinado: «suponiendo un cambio de dirección, lo que sería necesario para cualquier operación (...) Con una nueva dirección, la operación de ampliación de capital podría quizás venderse al mercado» ( 'If we assume a management change which would be necessary for any deal ()... With a new management the equity story could then perhaps be sold to the markets' p. 33).

In ihrer Pressemitteilung vom 12. Juli bekräftigte S & P, dass FT "gewisse Schwierigkeiten bei der Refinanzierung seiner 2003 fälligen Finanzschulden haben könnte". ( "FT could face certain difficulties refinancing its debt obligations coming due in 2003".) [EU] En el comunicado de prensa del 12 de julio, S & P afirma que: «FT pudiera tener ciertas dificultades para refinanciar su deuda obligacionista, cuyo plazo expira en 2003». ( «FT could face certain difficulties refinancing its debt obligations coming due in 2003».)

It would be very costly if its word could not be believed in these matters".) [EU] It would be very costly if its word could not be believed in these matters».)

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'.

S & P's 'negative' outlook reflects concerns that the changes in the company's legal status and ownership, likely to take place in the next two years as part of a capital hike, could pressure the ratings. [EU] S & P's «negative» outlook reflects concerns that the changes in the company's legal status and ownership, likely to take place in the next two years as part of a capital hike, could pressure the ratings.

"The ratings also take into account the unchallenged status of both it and its parent, Germany-based Volkswagen Financial Services AG (VWFS), as core and captive finance entities to VW" und "the ratings on VW Bank could moderately diverge (generally not more than one notch) from the ratings on VW or VWFS; currently only its outlook differs." [EU] «The ratings also take into account the unchallenged status of both it and its parent, Germany-based Volkswagen Financial Services AG (VWFS), as core and captive finance entities to VW» y «the ratings on VW Bank could moderately diverge (generally not more than one notch) from the ratings on VW or VWFS; currently only its outlook differs».

"The ratings could come under pressure if the group significantly underperforms its operational and financial trajectory at the dawn of full postal deregulation, or if an ownership changes occur sooner than we expect." [EU] «The ratings could come under pressure if the group significantly underperforms its operational and financial trajectory at the dawn of full postal deregulation, or if an ownership changes occur sooner than we expect».

These initiatives could limit the government's ability to provide the postal operator with exceptional support without improving its standalone profile in the short term, as the capital hike should not decrease La Poste's debt relative to its cash generation ". [EU] These initiatives could limit the government's ability to provide the postal operator with exceptional support without improving its standalone profile in the short term, as the capital hike should not decrease La Poste's debt relative to its cash generation ».

Zum zweiten ist die Kommission in Bezug auf die Kriterien "Verfügbarkeit von als Sicherheiten hinterlegbaren Vermögenswerten" ( "Availability of property that could be encumbered") (S. 5-5 und 5-6) der Ansicht, dass in diesem Punkt nicht in die Würdigung eingeht, ob eine Privatbank die von ETVA und der öffentlichen Hand gestellten Darlehen und Bürgschaften gewährt haben könnte. [EU] En segundo lugar, por lo que se refiere a los criterios «Disponibilidad de propiedad susceptible de ser gravada» (página 5-5 y 5-6), la Comisión considera que este elemento es irrelevante para evaluar si un banco privado habría concedido los préstamos y garantías que concedieron el Ε;ΤVΑ y el Estado.

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.
No guarantee of accuracy or completeness!
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