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"A change in the group's ownership structure would lead Standard & Poor's to shift to a bottom-up rating approach, focusing more on LP's stand-alone business and financial profiles. [EU] «A change in the group's ownership structure would lead Standard & Poor's to shift to a bottom-up rating approach, focusing more on LP's stand-alone business and financial profiles.

Auszug aus "Ratings direct" über La Poste, S & P, 3. April 2007: "The ratings nevertheless already factor in the long-term likelihood of a change in the group's capital structure, which would require a change in its current 'établissement public' legal status and result in the loss of the state's ultimate guarantee on LP's financial obligations, the elimination of which was recently recommended by the European Commission ". [EU] Extraído de «Ratings direct» sobre a La Poste, S & P, 3 de Abril de 2007: «The ratings nevertheless already factor in the long-term likelihood of a change in the group's capital structure, which would require a change in its current "établissement public" legal status and result in the loss of the state's ultimate guarantee on LP's financial obligations, the elimination of which was recently recommended by the European Commission ».

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-».) e, por outro lado, publicamente na entrevista referida no 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] A notação a longo prazo da France Télécom desceu para 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] A agência Standard & Poor's indica que: «o Estado francês - que detém 55 % da France Télécom - indicou claramente à Standard & Poor's que actuaria enquanto investidor prudente e que tomaria as medidas adequadas caso a FT registasse dificuldades». ( «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».)

("[FT's Baa3 rating meant that it was] hard to say who would buy a potential bond issue. The negative outlook increases the possibility of the company becoming a fallen angel, if it is unable to solve its debt problem".) [EU] ('[FT's Baa3 rating meant that it was] hard to say who would buy a potential bond issue. The negative outlook increases the possibility of the company becoming a fallen angel, if it is unable to solve its debt problem'.)

this);">"FT will today settle investor doubt about its cash flow situation in 2003 by raising ;5.5 billion in the bond market. It would now have all the cash it needs to honor ;15 billion of debts that falls due for repayment this year [...] FT also faces ;35 billion of debt repayments in 2004 and 2005".) [EU] Segundo um artigo do Financial Times de 15 de Janeiro de 2003: «A FT vai hoje dissipar as dúvidas dos investidores relativamente à sua situação de tesouraria, introduzindo 5,5 mil milhões de euros no mercado obrigacionista. [...] Disporá assim da quantia necessária para honrar a sua dívida de 15 mil milhões de euros, que vence este ano [...]. A FT deve igualmente fazer face a uma dívida de 35 mil milhões de euros em 2004 e 2005». ( «FT will today settle investor doubt about its cash flow situation in 2003 by raising ;5.5 billion in the bond market. [...] It would now have all the cash it needs to honor ;15 billion of debts that falls due for repayment this year [...] FT also faces ;35 billion of debt repayments in 2004 and 2005».)

Hierzu gehören auch sämtliche Studien und internen Papiere, die sich mit diesem Thema befassen. [EU] Explain in detail what technologies would be needed to enable PET to be used successfully for the packaging of LDPs and juice.

this);">However it is liquidity or refinancing risk that is the near-term focus of FT and rating agencies alike, with a daunting refinancing schedule ahead in 2003. This would be impossible without government intervention - even FT acknowledged this in its Q3 conference call") (Hervorhebung hinzugefügt). [EU] However it is liquidity or refinancing risk that is the near-term focus of FT and rating agencies alike, with a daunting refinancing schedule ahead in 2003. [...] This would be impossible without government intervention - even FT acknowledged this in its Q3 conference call') (sublinhado nosso).

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] No mesmo sentido, ver o estudo do Deutsche Bank de 22 de Julho de 2002, supra citado, «se partirmos do princípio que se verificará uma alteração de direcção, o que será necessário para qualquer operação (...) Com uma nova direcção, a operação de aumento de capital poderá ser vendida ao 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 the ECB's assessment, such participation would endanger the overall stability, soundness and safety of TARGET2-ECB or of any other TARGET2 component system, would jeopardise the ECB's performance of its tasks as described in the Statute of the European System of Central Banks and of the European Central Bank, or poses risks on the grounds of prudence.". [EU] in the ECB's assessment, such participation would endanger the overall stability, soundness and safety of TARGET2-ECB or of any other TARGET2 component system, would jeopardise the ECB's performance of its tasks as described in the Statute of the European System of Central Banks and of the European Central Bank, or poses risks on the grounds of prudence.».

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».

Siehe FT form 20-F, March 2003, P15-16: "eine Herabsetzung des langfristigen Kreditratings durch S & P und Moody's um ein Notch würde die jährliche Zinslast automatisch um etwa 75 Mio. EUR erhöhen" ( 'a decrease of one notch in its long term debt rating by S & P's and Moody's would automatically increase its annual interest expense by approximately ; 75 million.') [EU] Ver formulário FT 20-F, Março de 2003, p. 15-16, «a descida de um nível da notação da dívida a longo prazo por parte da S & P e da Moody's aumentaria automaticamente os encargos anuais com juros em cerca de 75 milhões de euros» ( «a decrease of one notch in its long term debt rating by S & P's and Moody's would automatically increase its annual interest expense by approximately ; 75 million.»).

' (S. 28); 'It is worth noting that S & P states on its recent conference call on its downgrade of FT's credit that, in general, a company generating free cash flow with debt to EBITDA of four times would qualify as a BBB- credit, the last investment grade rating. [EU] ' (p. 28); 'It is worth noting that S & P states on its recent conference call on its downgrade of FT's credit that, in general, a company generating free cash flow with debt to EBITDA of four times would qualify as a BBB- credit, the last investment grade rating.

The ratings nevertheless already factor in the long-term likelihood of a change in the group's capital structure, which would require a change in its current 'établissement public' legal status and result in the loss of the state's ultimate guarantee on LP's financial obligations, the elimination of which was recently recommended by the European Commission ". [EU] The ratings nevertheless already factor in the long-term likelihood of a change in the group's capital structure, which would require a change in its current "établissement public" legal status and result in the loss of the state's ultimate guarantee on LP's financial obligations, the elimination of which was recently recommended by the European Commission ».

this);">The ratings on La Poste were unaffected by this recommendation since we consider that a change in La Poste's status would not necessarily reflect a decrease in the strong state support that underpins La Poste's ratings and that has been reaffirmed by recent government decisions". [EU] The ratings on La Poste were unaffected by this recommendation since we consider that a change in La Poste's status would not necessarily reflect a decrease in the strong state support that underpins La Poste's ratings and that has been reaffirmed by recent government decisions».

this);">"The ratings on La Poste were unaffected by this recommendation since we consider that a change in La Poste's status would not necessarily reflect a decrease in the strong state support that underpins La Poste's ratings and that has been reaffirmed by recent government decisions." [EU] «The ratings on La Poste were unaffected by this recommendation since we consider that a change in La Poste's status would not necessarily reflect a decrease in the strong state support that underpins LP's ratings and that has been reaffirmed by recent government decisions

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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